Financial Assistance with SBA Loans ranging from $50,000 to $5,000,000 & 0% Interest Emergency Bridge Loans up to $15,000 with Select Lending Partners.
OPTION A - BTX CARES
Brownsville Cares Grant Program
For Businesses seeking $50,000 to $5,000,000 in funding, BCIC is able to grant $5,000 – $10,000 to be used towards the collateral for a $100,000 SBA loan (10%). Business must use these funds as earnest money towards any one of the existing SBA Loan programs (PPP, EIDL, SBA 7(A) etc.).
OPTION B - BRIDGE LOAN
Emergency/Bridge Loan Program
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%.
Select Lending Partners
Please see above the local select lenders participating in our Emergency/Bridge Loan program through StartUp Texas (more coming soon). Applicants must also apply for a $15,000 loan through our Select Lending Partner’s platform. If your Financial Institution or Organization would like to assist small businesses in Brownsville with our 0% Interest Emergency Bridge Loan Program, please click on the button below to fill out our form and a member of our team will contact you.
HOW IT WORKS
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 $5,000-$10,000 grant to be used as collateral towards an SBA 7(a) Loan ranging from $50,000 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 requires acceptance into an SBA program. Option A grant funding must be used as earned money towards an SBA 7(a) Loan Program (Listed below) from $50,000 to $5,000,000.
Eligible recipients must provide the following documentation for our COVID-19 Relief Programs through StartUp Texas. The information required is very similar to that of what the Small Business Administration requests for their programs.
Eligible recipients must have their businesses located within the City limits of Brownsville, Texas. Businesses that apply must be considered categorized as critical. Critical businesses will present the following features:
- At-risk of losing employees
- Employer provides primary jobs (wages above national average)
- Employer at-risk of losing multiple locations
- Business serves as a critical supplier or distributor
UPDATED MAY 14, 2020
SMALL BUSINESS ADMINISTRATION PROGRAMS CURRENTLY AVAILABLE
PAYCHECK PROTECTION PROGRAM (PPP)
Eligible recipients may qualify for a loan for up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount. Loan payments will be deferred for six months. If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
ECONOMIC INJURY DISASTER LOANS & LOAN ADVANCE
Those who apply for EIDL can apply for a loan advance of up to $10,000. Funds will be made available within three days of a successful application and advance does not have to be paid.
SBA DEBT RELIEF
SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020. SBA will pay the principal and interest of current 7(a) loans for a period of six months.
SBA 7(a) LOAN PROGRAM
(Under CARE Act provisions) offers loan amounts up to $5,000,000 and is an all-inclusive loan program deployed by lending partners. The funds can be used for the following categories:
- Working Capital
- Purchase of Equipment
- New Construction
- Purchase of Land
- Refinance Debt