MISSION, Texas - Mission Economic Development Corporation is to host its first info session about Ruby Red Ventures 2.0 on Wednesday. Nov. 8, starting at 6 p.m.
The session, which is aimed at small businesses, will take place at the Center for Education & Economic Development (CEED). The address is 801. N. Bryan Road, Mission.
Mission EDC CEO Teclo J. Garcia said 16 applicants have already signed up to attend.
The launch of Ruby Red Ventures 2.0 came last week at a press conference, with Garcia announcing $200,000 in small business grants. He said it was part of the “Build Mission Fund.”
Under the program, a small business owners and entrepreneurs from Mission can receive up to $15,000 for facility improvements, expansions and working capital, among other uses.
Eligible businesses must be located within Mission city limits; have fewer than 30 employees; produce less than $1 million in annual revenue; be legally registered and in good standing with local tax entities; in operation for at least two years and possess tax returns for 2021 and 2022.
Applicants must also provide Mission EDC a detailed project plan with verified cost estimates and a timeline of proposed improvements.
As Mission EDC’s goal is to foster economic growth in Mission by attracting new investment and retain existing businesses, Garcia said resurrecting Ruby Red Ventures made perfect sense.
Mission EDC first launched Ruby Red Ventures in 2013 when Alex Meade was the group’s CEO. The competition modeled after the hit TV show Shark Tank. Entrepreneurs typically spent months going through a rigorous program in which they worked alongside experts at the Small Business Development Center to prepare a business plan and pitch.
This time, Garcia said, grants will be disbursed to Mission businesses based on merit, with consideration given to job creation, innovation, need, uniqueness, and overall community enhancement.
“This year, we’re doing things differently. While we still plan to roll out the competition next year, for this grant, however, small business owners just need to apply,” Garcia said. “This community investment is going to directly impact Mission’s backbone: small businesses.”
Meade now serves as executive vice president of economic development and public finance at Texas Regional Bank. Along with Garcia, Meade spoke at the press conference. He said Texas Regional Bank is pledging $10,000 to support this year’s Build Mission Fund program. And, he said the bank is committed to working with Mission EDC to help guide participants in next year’s competition.
“Ruby Red Ventures was truly an idea that would help set the Mission EDC apart and allow us to focus on small businesses,” Meade said. “Nobody was doing this at the time we launched, and the community responded in a tremendous way. Mission is made for entrepreneurs.”
Here is a video recording of the remarks Garcia and Meade made at the press conference:
https://youtu.be/iBSVRdEOBD8
Applications to receive Ruby Red Ventures funding must be submitted via an online portal. The portal is now open but will close Nov. 30.
“This is going to be a team effort. We are here to answer applicants’ questions and point them to the right resources via two information sessions this month,” said Belen Guerrero, Mission EDC’s director of economic development.
One of the VIPs at the press conference was Pilar Gonzalez of Dipit By Pilar fame. In her remarks from the podium, Gonzalez gave a glowing testimonial on the first Ruby Red Ventures program.
Here is a video recording of the remarks Gonzalez made at the press conference:
https://youtu.be/I9c5g5eaNLw
