Loan program still available for small businesses and some Carrefour startups

Loan program still available for small businesses and some Carrefour startups
A loan program still available for small businesses at Carrefour

CROSSROADS, Texas – A small business loan program is back to help small businesses, existing business owners and some startups affected by the COVID-19 pandemic.

Press center 25 first report on the non-profit LiftFund in 2019.

At that time, LiftFund and the US Economic Development Administration (EDA) announced a new partnership on how to file bankruptcy to invest $ 3 million in the region to stimulate economic activity.

Now the non-profit organization and EDA is back to provide ongoing support to businesses in Victoria County and other Carrefour counties.

“A 3.5% interest rate loan is offered up to $ 250,000,” said Laura Estrada of LiftFund.

Certain conditions must be met to be eligible for the EDA loan.

Below is an eligibility list:

– For-profit companies with a physical address and operations in the qualified area.
– Existing companies, in activity before September 1, 2019 that have suffered economic damage
– Start-ups created to support the response to the crisis

Many companies are still waiting for the CARES law, which is the EIDL grant or the paycheck protection program, Estrada said.

“It can be for startups if you are starting up because of the pandemic – maybe your business has closed and you lost your job – and what you have done is transitioned and opened this type of business from filling in the industry in which you lost your job. ”says Estrada. “So that would help a start-up business owner, what we’re trying to do is help the business owner if they need to buy equipment or if they need a fund. working capital to access more capital. ”

LiftFund is a patch to help them [businesses] as they look for alternatives, Estrada said.

“Business owners who never paid their bills still won’t be able to get a loan,” Estrada said.

Below is a list of ineligible companies:

– Non-profit companies
– Companies engaged in credit
– Passive companies
– Companies selling via a pyramid plan
– Play activities
– Companies engaged in the promotion of religion
– Private clubs that limit the number of members for reasons other than capacity
– Consumer and marketing cooperatives
– Any business that has caused a previous loss to the government

One of the many things the EDA loan program will look at for eligibility is how businesses have adjusted amid the pandemic, Estrada said.

Estrada shared an example of how many bars in Texas have closed, but created a kitchen area to make it work.

Some food trucks and bars have been able to join forces to do business for each other.

Chris Ware, owner of Unforgrillin, shared with Newscenter 25 his experience working with bars during a pandemic.

“I think between May and August was probably the hardest part because nobody really wanted to go in a food trailer if you could never go to a local restaurant,” Ware said. “It was just the vibe here, we kept going and stayed open… I think it was mid August that TABC released this thing about bar closings so that’s when that many bar owners have started suing us [food trucks] saying “hey guys you gotta help”.

It has been difficult for food trucks to find a place for business and several of his friends have also lost trailers due to the pandemic.

According to the website, LiftFund offers EDA loans in the following counties of Coastal Bend:

Aransas, Bee, Brooks, Calhoun, Dewitt, Duval, Goliad, Gonzales, Jackson, Jim Wells, Kenedy, Kleberg, Lavaca, Live Oak, Nueces, Refugio, San Patricio and Victoria.

For more information on the EDA Loan Program, please click here.

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