The Brownsville Community Improvement Corporation (BCIC) Board of Directors, the City’s Type B Economic Development Corporation, announced the first round of approved applications for the COVID-19 Relief Funding Programs today.
The relief funding programs are part of the greater StartUp Texas program consisting of the Brownsville Cares Grant and the Emergency/Bridge Loan program, both of which provide financial assistance with SBA Loans ranging from $50,000 to $5,000,000 & 0% Interest loans of $15,000 with Select Lending Partners.
“COVID-19 has impacted our small business community in unprecedented ways,” said Michael Limas, Chair of the Board, “this funding will give our small businesses the ability to respond to the significant economic impacts incurred, including challenges with cash flow and resources to support their workforce.”
“This is the first round of applications we have approved, and we will continue to execute a detailed and swift response until the community has been able to successfully adjust to the new conditions as a result of the COVID-19 Pandemic,” says Josh Mejia, Executive Director for BCIC. “We will provide immediate assistance to the small businesses who are facing revenue loss as a result of tough, but necessary steps that have been taken to mitigate the spread of the virus.
”This is the first round of applications we have approved, and we will continue to execute a detailed and swift response until the community has been able to successfully adjust to the new conditions as a result of the COVID-19 Pandemic" Josh Mejia, Executive Director, BCIC
The BCIC anticipates that at least 100 businesses across the City will benefit from this program. The projected economic impact includes over $4,350,000 brought into the local economy through the access of immediate capital facilitated by BCIC’s assistance.
“The strength of our response to COVID-19 lies within our community,” says Nathan Burkhart, Director of Marketing & Small Business Development. “This funding will afford businesses the ability to respond to the unique circumstances they are facing – from reducing risk of transmission while remaining operational, to making up for losses incurred by the lockdown and reduced foot traffic many businesses relied on for revenue.”
The application for COVID-19 assistance is available at BrownsvilleEDC.org/COVID19. For businesses looking for more information on how to apply for an SBA EIDL loan or whether it is something they should consider, visit Assist.BrownsvilleEDC.org or contact the COVID-19 Small Business Response Team at 888-816-8043.