Small businesses in the Coastal Bend area looking to purchase new equipment, machinery, utility vehicles or even real estate can get help with their purchases through a loan program offered by LiftFund, in partnership with the US Economic Development Administration.
LiftFund’s EDA Recovery Loans are available for amounts up to $ 250,000 at a fixed interest rate of 3.5% and will allow businesses to continue serving their customers and communities as they approach the end. end of the year. The loan program is part of LiftFund’s ongoing efforts to support small businesses and help them stabilize during the current COVID-19 crisis.
John Edward Cervantez Moreno said he had received a lot of support from LiftFund to simplify the process. He has applied for the loan, has been approved, and plans to use the money to expand his services and increase awareness of his business. His company, Moreno Motor Co., is an automotive repair and refinishing company that provides auto body repair and painting services to its customers.
“We suffered a loss in 2020, it was important and we had to tighten our belts,” Moreno said. “I’m very happy to be able to buy the equipment and advertise on TV.
The EDA loan will allow Moreno to hire an employee, purchase new equipment, increase advertising and add a new road sign outside of his company in Corpus Christi. It plans to expand its service offering to include auto repair work, suspension work and tire repair or replacement.
“The loan allows me to do a lot of things,” said Moreno.
Eligible businesses must have been in business before September 1, 2019 and have suffered economic harm as a result of the COVID-19 crisis. They include for-profit businesses with a physical address in Corpus Christi or any of the following Coastal Bend counties: Aransas, Bee, Brooks, Calhoun, Dewitt, Duval, Goliad, Gonzales, Jackson, Jim Wells, Kennedy, Kleberg , Lavaca, Live Chêne, Nueces, Refugio, San Patricio and Victoria.
Loans can be used for the purchase of equipment, machinery and utility vehicles, the purchase of real estate for the occupation of a business, and construction. Loans can also be used for working capital for leasehold improvements and other business costs associated with the project, but not to exceed 50% of the total loan.
“This continues to be a very difficult time for small businesses,” said Laura Leal Estrada, Coastal Bend Market Manager at LiftFund. “LiftFund and EDA remain committed to helping business owners strengthen and stabilize their businesses as we approach the end of 2021 and prepare for the New Year. “