Corpus Christi small businesses will have access to loans of up to $25,000 to help recover from losses suffered under restrictions designed to slow the spread of COVID-19, a disease caused by the novel coronavirus (SARS-CoV-2). The City Council approved a $1.7 million contract with LiftFund Inc. at its Tuesday, April 7, meeting to provide quick money at no interest to businesses in need.
“The city has had a 15-year relationship with LiftFund,” said City Manager Peter Zanoni at the daily COVID-19 news briefing Monday, April 6. “They are a pretty big organization in numerous states in the southwestern region. They are a community development financial institution.”
Loans of up to $25,000 will be available to small business that gross no more than $1.5 million a year and can demonstrate at least a 15 percent loss of revenues since March 1, 2020 through the date of application. Priority will be given to businesses most affected by the governor's orders to close all but essential business, including gyms, restaurants, nail salons, beauty salons, barbara shops, bars, and massage parlors.
The three-year loans are interest-free. No payments are due the first four months of the loan.
The process is expected to be quick, Zanoni said, with money available eight to 10 days after applications are turned in.
“That’s a quick turn-around time,” he said.
The website to apply will be available starting Friday, April 10. Interested small-business owners may call 888-215-2373 to speak to a LiftFund representative based in the community. The phone number is already in operation.