• August 13, 2020

ODC to discuss small business funds - Odessa American: City Of Odessa

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ODC to discuss small business funds

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Posted: Wednesday, July 8, 2020 2:39 pm

The Odessa Development Corporation Thursday will discuss the possible creation of an emergency pool of funds to assist small businesses.

ODC board member Chris Cole said in a phone interview that the potential funds may be used in emergency situations like the COVID-19 pandemic to assist small Odessa businesses that may have missed out on bank assistance or government funds like the Paycheck Protection Program (PPP).

Cole also said that Thursday will be the first time ODC members have discussed the item and any action taken will have to go through ODC, the compliance committee and the city council.

“We have specific guidelines that we have to work within. This would fall within those guidelines from the emergency standpoint,” he said adding that it is about the viability of small businesses being able to survive.

ODC has not been able to meet yet to discuss the details regarding what criteria and requirements businesses would have to meet to get such money, Cole said. He also said that ODC members have not discussed if the process in which that money is awarded to businesses could be expedited if the emergency pool is established.

“This is kind of unprecedented times that we’re in and it just calls us to do some different things that fall within the realm of what we can do,” Cole said.

The meeting will be held at 2 p.m. Thursday in the City Council Chambers on the fifth floor of City Hall, 411 West Eighth St. The meeting will be held with social distancing guidelines.

ODC will also review and discuss the proposed Fiscal Year 2020-2021 General Development Plan and discuss assistance emergency options related to the COVID-19 pandemic.

Thursday’s agenda can be located at tinyurl.com/ydataqua.

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