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Small businesses in Corpus Christi struggling due to the economic shutdown related to the coronavirus pandemic are getting some help from the City Council.
Type A funds valued at $2 million will be used to create a disaster loan program. The city is partnering with LiftFund, a nonprofit organization that helps new small businesses with finances, to distribute the loans.
According to the Caller-Times, an estimated 70 local businesses will benefit from the loans. They should receive funds within 10 days of approval.
LiftFund will provide zero-interest loans of up to $25,000 to small businesses within the city limits that have been affected by COVID-19. Only businesses with a gross revenue of $1.5 million or less are eligible. Gyms, restaurants, hair salons, bars, massage parlors and other businesses that have been directly affected by the stay-at-home order will take priority.
Businesses have to have suffered a revenue loss of at least 15 percent since March 1 and must be in good standing with creditors for at least six months prior to March 1.
Corpus Christi business owners can apply online at LiftFund.com. For more information, call LiftFund at 888-215-2373.
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