Texas Border Business
PHARR, Texas – The Pharr Economic Development Corporation (EDC) is proud to announce the launch of its new small business program in partnership with the LiftFund. The new program will provide local small businesses in Pharr with assistance and debt relief.
LiftFund’s mission is to provide credit and services to small businesses and entrepreneurs who do not have access to loans from commercial sources and to provide leadership and innovation to the micro-lending industry. Since inception, LiftFund has provided over $450 million in funding and 25,000 small business loans, which has created new enterprises, strengthened existing businesses, and created and retained jobs.
“The Pharr EDC is working innovatively to strategically partner with LiftFund to provide our local business community with funding, tools, and resources to help them thrive and reduce debt relief,” said Pharr Mayor Ambrosio Hernandez, M.D. “This will be a great resource for our local small businesses and I urge them to apply,” he added.Â
“Our Pharr EDC team is proud to team up with the LiftFund to continue to work together with our local businesses to provide resources and support for success,” said Victor Perez, President/CEO of the Pharr EDC. “Through this new program, we anticipate having $50,000.00 available on an annual basis to grant Lift Fund for Interest Buy Down funding for qualified small businesses in the City of Pharr,” he added. “This is a great way to kick-off our National Small Business week celebration,” Perez stated.Â
An interest buy-down program is an effective way to attract businesses to the city and to help small business owners qualify for loans. Providing loan funds with 2.5% interest significantly lowers a borrower’s costs over the life of the loan. This reduction in the cost of the loan allows LiftFund, Inc. to provide loans to small business owners who would not otherwise qualify for business funding.
“We are proud to partner with LiftFund to provide this opportunity to our local Pharr Businesses,” said Pharr Mayor Ambrosio Hernandez, M.D. who also serves as Chairman of the Pharr EDC. “This will make loans more accessible to businesses while boosting economic development through growth and new employment opportunities,” he added.Â
The City of Pharr will benefit in that the availability of low-cost loans will help attract businesses to the area. In addition, the infusion of capital to these businesses generally increases their total economic activity and facilitates the creation of new jobs.
The funds will be used to offset the cost of interest when providing loans of up to $50,000 for new and existing businesses.
Program Summary:
- Program for new or existing businesses within the City of Pharr limits
- We are providing interest buy down to 2.5% for loans ranging up to 50K
Businesses assisted through this program must meet one of the following two requirements:
- Be a start-up small business.
- An existing small business that needs assistance to expand or grow.
If you are a Pharr small business that meets the above qualifications or are interested in learning more about the program, please contact the Pharr EDC at (956) 402-4332 and they can connect you with a LiftFund representative.
