CORPUS CHRISTI, Texas — City Council update on $2 million loan program for local businesses.
What does it take to qualify?
Businesses must be have annual gross revenues of under $1.5 million.
Businesses must also have to show a 15% loss from March 1st through the time they are filling out the application.
Loans of up to $25K will be given out with no interest for up to 36 months. The first four payments differed.
Businesses can apply by calling 888-215-2373
The $2 million loan program will benefit at least 70 local businesses and small businesses. Businesses can borrow up to $25K for three years interest free. The interest will be paid by the City. Today council asked the President and CEO of "LiftFund" about why they need $300K to administer the three year loan program.
"The fee of $300K translates to $100K a year, but really our basic cost is happening right upfront," Janie Barrera CEO of LiftFun said. "Going through the thousands and thousands of applications that we are going to have to review in the next two weeks, three weeks to get these dollars out on the street."
The loan program is modeled on similar programs that the non-profit lift fund company has instituted in San Antonio and El Paso. The first 4 months of payments will be deferred. Call LiftFund at 888-215-2373.