CDBG-CV Economic Development grants provide communities with funding to help local businesses retain jobs for low-to-moderate income people.
To be eligible to receive a CDBG-CV Economic Development grant, the recipient business must be a for-profit business and retaining jobs for low to moderate-income people. 51% or more of the full-time equivalent (FTE) jobs retained must be for persons from low to moderate-income households as defined by HUD.
CDBG-CV Economic Development grants can be used to pay for the following expenses:
Working capital such as wages, utilities, rent, etc.
The purchase of 60 days’ worth of inventory needed to reopen (60 days will begin on the day the business is allowed to reopen).
The application can be found
Round 1 applications will be accepted from August 24, 2020 until September 8, 2020.
Should additional funding remain after Round 1, the City of Oakley will advertise for Round 2 Funding.
Are companies with more than 50 employees eligible for CDBG-CV?
No. Companies with more than 50 employees are not eligible to apply for CDBG-CV
How quickly will businesses have access to funds?
If the business is awarded funds from its city and/or county, funds will have to be drawn from the Department of Commerce. Once the draw request is submitted to Commerce, the city and/or county will have funds in 10-14 days.
What types of businesses are eligible to receive CDBG-CV funding from their city and/or county?
Businesses and organizations that suffered losses due to COVID-19, and who have not received funding from other resources, are eligible to receive CDBG-CV funding from their city and/or county. Businesses must have been in existence as of March 1, 2020.
Do agricultural businesses (farming, ranching, dairy, etc.) impacted by the coronavirus pandemic qualify for the CDBG-CV opportunity?
So long as the business meets the national objective of jobs being retained, agricultural business are eligible for CDBG-CV funding.
A farmer’s cooperative has several branch locations in multiple cities and multiple counties. Does each location stand on its own, or is funding available only under the whole cooperative in whatever city or county it is located?
Grants are awarded by location.
Are home-based businesses eligible for CDBG-CV funding from their city and/or county?
Yes. Home-based businesses are eligible to receive funding.
If a business participated in the Paycheck Protection Program (PPP), are they eligible to receive CDBG-CV funds?
Yes, but the CDBG-CV funds may not be used for employee salaries.
If a business participated in the Economic Injury Disaster Loan program (EIDL), are they eligible to receive CDBG-CV funds?
Yes, so long as it is not a duplication of benefits.
If a business participated in the Hospitality Industry Relief Emergency (HIRE) Fund loan program, are they eligible to receive CDBG-CV funds?
Yes. Because the HIRE Fund was funded with state dollars, there is no impact on a company’s ability to apply for and receive a CDBG-CV grant, as they are funded with federal dollars.
Is the purchase and installation of hand sanitizer stations or physical dividers/barriers in a business is eligible?
Yes. These items are considered working capital.
Are the Economic Development grants eligible for paying off existing debt from other sources including local revolving loan funds?