Texas Border Business
Through the StartUp Texas Program, the Brownsville Community Improvement Corporation (BCIC) has created two new, innovative ways to help our community’s small businesses survive the current COVID-19 outbreak, and build resiliency for the future.
Qualified small businesses can apply for either a $10,000 grant to be used as collateral towards an SBA 7(a) Loan ranging from $100,000 to $5,000,000 (Option A), or a 0% interest emergency/bridge loan of up to $15,000 through a lending partner of BCIC (Option B).
Applicants can apply for both programs. Both programs require Applicant to have applied with the Small Business Administration for one of the Emergency Loan Programs offered, however, only Option A is acceptance into an SBA program is required. Option A grant funding must be used as earned money towards an SBA 7(a) Loan Program (Listed below) from $100,000 to $5,000,000.
For Businesses seeking $100,000 to $5,000,000 in funding, BCIC is able to grant $10,000 to be used towards the collateral for a $100,000 SBA loan (10%). Businesses must use these funds for earnest money towards an SBA 7(a) Loan. Click here to apply.
BCIC is seeking to partner with local lenders to provide businesses affected by COVID-19 with Emergency/Bridge Loans of no more than $15,000 for immediate business needs at 0% interest for twelve months. BCIC will reimburse interest payments towards loans for one year with interest no greater than 5.5%. Click here to apply.
Eligible recipients must have their businesses located within the City limits of Brownsville, Texas. Businesses that apply must be considered as categorized as critical. Critical businesses will present the following features:
- At-risk of losing employees
- Employer provides primary jobs (wages above the national average)
- Employer at-risk of losing multiple locations
- Business serves as a critical supplier or distributor
Businesses that have any questions or concerns can please call us at888-816-8043 or visit the link below for the full information.
For more information: https://www.brownsvilleedc.org/covid19/
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