granting a reprieve

Harris County forgives hundreds of small business loans for struggling locals

Dr. Randy Mitchmore (center, pictured with his staff) is one of the hundred of recipients of the new gift.

The global pandemic has wreaked havoc on local small businesses; many have struggled without savings, credit, and capital to continue on during the downturn. For some immediate relief, Harris County and the Houston-Galveston Area Council (HGAC) offered some 444 area small businesses interest-free loans of up to $25,000 earlier this year.

The loans would be forgiven in five years, per the initial Harris County COVID-19 Forgivable Loan Program agreement.

Now, in some feel-good, holiday news, the loans have been converted into grants, thanks to federal CARES Act funding received by the county, according to a statement by Harris County and Houston-Galveston Area Council.

“Many of the owners have already made use of the funds they received. Knowing that they don’t have to pay it back, that it’s all theirs, gives them one less thing to worry about at a time when so many have been impacted,” said Omar Fortune, manager of the Houston-Galveston Area Local Development Corporation (H-GALDC), in a statement. (The organization handled the underwriting process and distribution of loans to small businesses.) “We’re pleased to be able to provide this gift to these small businesses that are so important to our region. That it’s happening during the holiday season makes it even more special.”

Originally launched on April 9, the Harris County COVID-19 Forgivable Loan program distributed $10 million to the 444 small businesses by the summer. On October 6, Harris County approved the loan conversion to grants, according to a press release. Small businesses that had already begun paying back their loans have had their payments reimbursed by the county, according to HGAC.

Local business owners are “ecstatic” upon hearing the news, according to H-GAC. “ This whole experience has been an emotional roller coaster, but I’m extremely positive about the future,” said Museum District-area dentist, Dr. Randy Mitchmore, in a statement. “I’m proud to own a small business, and we have a direct impact on the local community. I’m also grateful for this program and that it was able to help small businesses as intended.”

charity

a major award

$2.6 million grant funds UH research towards a fentanyl vaccine

Photo by Jellybee on Unsplash

UH has received a new financial gift towards the Michael C. Gibson Addiction Research Program, which is developing a fentanyl vaccine.

The estate of Dr. William A. Gibson has granted the University of Houston a $2.6 million gift to support and expand its opioid addiction research, including the development of a fentanyl vaccine that could block the drug's ability to enter the brain.

The gift builds upon a previous donation from the Gibson estate that honored the scientist’s late son Michael, who died from drug addiction in 2019. The original donation established the Michael C. Gibson Addiction Research Program in UH's department of psychology. The latest donation will establish the Michael Conner Gibson Endowed Professorship in Psychology and the Michael Conner Gibson Research Endowment in the College of Liberal Arts and Social Sciences.

“This incredibly generous gift will accelerate UH’s addiction research program and advance new approaches to treatment,” Daniel O’Connor, dean of the College of Liberal Arts and Social Sciences, said in a news release.

The Michael C. Gibson Addiction Research Program is led by UH professor of psychology Therese Kosten and Colin Haile, a founding member of the UH Drug Discovery Institute. Currently, the program produces high-profile drug research, including the fentanyl vaccine.

According to UH, the vaccine can eliminate the drug’s “high” and could have major implications for the nation’s opioid epidemic, as research reveals Opioid Use Disorder (OUD) is treatable.

The endowed professorship is combined with a one-to-one match from the Aspire Fund Challenge, a $50 million grant program established in 2019 by an anonymous donor. UH says the program has helped the university increase its number of endowed chairs and professorships, including this new position in the department of psychology.

“Our future discoveries will forever honor the memory of Michael Conner Gibson and the Gibson family,” O’Connor added in the release. “And I expect that the work supported by these endowments will eventually save many thousands of lives.”

----

This story originally was published on our sister site, InnovationMap.

research university of houston

granting a reprieve

Harris County forgives hundreds of small business loans for struggling locals

Family-friendly Houston restaurant picks Missouri City for 6th location

Beyoncé-loved Houston brunch spot expands and more popular stories

$150 million, 12,500-seat entertainment venue coming to Houston in 2027

a major award

$2.6 million grant funds UH research towards a fentanyl vaccine