coronavirus (covid-19) business resources
The Fritch Economic Development Corporation has created the links below to help you stay informed and make appropriate business decisions.
SENATE COVID-19 RELIEF BILL
TAX DELAYS AND IRS INFO
BUSINESS FINANCIAL INFO
COVID-19 BUSINESS SUPPORT PROGRAMS
Who can apply:
• Small Businesses (20 employees or less) that have been impacted by COVID-19 mitigation efforts and stay at home orders.
• Priority will be given to businesses inside the City of Fritch that have remained open during statewide quarantine, and that have had to limit operations or have had to add personnel to cover take-out, curbside, or delivery, or can show direct, negative impacts that threaten the ability of the business to continue operations long-term.
How will the funds be received:
Once a business has been awarded funding, that business will provide documentation to the EDC and the EDC will make direct payments to the vendors, landlords, ect. to pay expenses directly on behalf of the funding recipient. The EDC will not write a check directly to the business that has been awarded funding.
Who oversees that fund?
The fund is managed by the EDC and applications will be reviewed by a committee of EDC board members and final approval will be made by the Fritch EDC Board.
Direct Support For Job Retention
The Fritch EDC will provide financial assistance to business for one or more of the following purposes:
• Business loan Obligations
• Mortgage payments
• Utility payments
• Insurance Payments
• Payroll for employees still employed and working at the business or to add employees to pay for delivery services of products
• Other Critical business operations if approved by the job retention fund oversight committee
Funding: The maximum request for funding is limited to $5,000 for a 45-day period. After 45 days an applicant may submit another request provided funding is available.
Marketing Support For Business Advertising
The Fritch EDC will provide financial assistance to business for marketing expenses:
• Purchasing Newspaper and Radio Ads to promote changes in operating hours
• Website design services to move to an online platform for providing services
• Other marketing needs as approved by the marketing fund oversight committee
Funding: The maximum request for funding is limited to $1,500 for a one time request for funding.
Please see the attached application below
Fritch at Lake Meredith Economic Development
Through the Fritch @ Lake Meredith Economic Development (FEDC) Program, Entrepreneurs desiring to expand or establish a business may request funding. This request is to be submitted as part of a qualified bankable, business plan. Each entrant must request a specific amount of funding and fully justify that request. The Board of Directors will have the discretion to award more or less than the amount requested pending Fritch City Council approval. However, the grant request must be specific, itemized and justified by the business plan.
The FEDC is a Type 4B economic development corporation.
The FEDC meets monthly, the first Monday of the month at noon in the Fritch Annex Building Requests to be placed on the Agenda must be submitted by 5 p.m. the Thursday before the meeting.
The Fritch at Lake Meredith Economic Development Corporation
104 N. Robey PO Box 758 Fritch, Texas 79036
806.857.3143 (Fax) 806.857.3229
The Fritch at Lake Meredith Economic Development Corporation is a Texas state certified entity located in a small Panhandle community.
Our goals have a two prong focus: one is to assist and promote area business; the other is community involvement helping to improve the quality of life. We will network extensively with business and civic organizations.
We plan to accomplish our goals as follows: on the business side, by providing in house services such as marketing support, research, and analysis; also by partnering with out side organizations such as the Texas Economic Development Council and the West Texas Small Business Development Center.
As for community assistance, we will establish a strong working relationship with area civic organizations. And we will partner with outside community support agencies in projects such as grant identification and grant writing.
Vision Statement –
The Fritch at Lake Meredith Economic Development Corporation will be recognized as an efficient and knowledgeable agency helping to lead our community in business growth and contributing to the enhancement of our area’s quality of life.
Mission Statement –
The Fritch at Lake Meredith Economic Development Corporation is dedicated to providing support for existing businesses via tools such as training, analysis and resource identification. Our EDC will offer consulting assistance (internal and external) to expanding businesses. And the EDC will actively engage in market research and relationship building in order to attract new business to our commercial area.
The Fritch at Lake Meredith EDC will partner with other civic organizations in activities such as community needs assessment to ensure that the Fritch area becomes a more attractive place to live, work, raise a family and retire.
Our EDC will constantly strive through training and the recruitment of experienced business persons to elevate our stature in the Texas EDC community and become one of the top EDC’s of cities with populations less than twenty thousand.
Brief History of the Business
The Fritch at Lake Meredith Economic Development Corporation was certified in September 2002 as a Section 4B enterprise. By ballot vote, the EDC as granted ¼ of 1 percent sales and use tax revenue.
The EDC was staffed only by volunteers until June 2012 when it hired a part-time director.
Our EDC, like most EDCs, has experienced success and failure. We strive to build on our accomplishments and learn from our disappointments.
Our Business Outlook.
Our business approach has required some significant adjustments in the past few years. The national down turn has not hindered us as much as many due to the strength of the oil and gas industry but we defiantly know we are in a recession. Also, in the early years of EDC planning, Lake Meredith was expected to generate much revenue. The Lake level has dropped over sixty feet in the past few years causing the marina to close and significantly reducing boating, fishing, and camping. This has caused a reevaluation of our prospects and opportunities.
Critical needs of our market.
As always, employment is a major concern. We need to grow our business base. We also need to attract residents to replace those lost over the years. We have community infrastructure and facilities which can easily accommodate slow, steady growth.
We need to provide services to our senior citizens such as quality, affordable housing and an assisted living center.
We also need to offer more recreation and job training to our youth.
Identify your target market.
Our concentration will be the city of Fritch and the surrounding area – about a five mile radius. We also want to sell to those driving Highway 136 through our town. Review of traffic counts provided by the Texas Department of Transportation reveals that a significant number of vehicles pass by Fritch businesses daily. We also want to be a relocation destination.
Products and Services
We offer consulting advice. This service is expensive to contract but available to our clients at no or nominal fees. (Possible fees could be incurred for materials). The same can be said for services such as research, analysis, and marketing support.
Organization and Management
The Fritch at Lake Meredith Economic Development Corporation is chartered by the state of Texas. The EDC is overseen by the Fritch City Council who approves all spending requests such as grants and operating expenses. The Fritch City Manager also provides oversight.