Small Business Disaster Relief

Small Business Disaster Relief Bexar County and LiftFund Flyer 2020-1
Small Business Disaster Relief Bexar County and LiftFund Flyer 2020-2

LiftFund COVID-19 Loan & Grant Program Bexar County


The Program for Loans: 

The Bexar County Small Business Loan Program provides 0% interest loans of up to $25,000 to help small businesses in Bexar County that have suffered financial losses as a result of COVID-19. The loan is offered through LiftFund a local CDFI dedicated to strengthening small business in Bexar County and Texas.


How It Works:

  • Business owners must apply online at www.liftfund.com to begin the application process and are subject to credit review and financial assessment.
  • Loans will range in value up to $25,000 and will be approved based on such factors as need, location, planning, eligibility and availability of funds.
  • Funds may be used for working capital, covering expenses of debt and workforce needs.
  • Once an application is approved, businesses will need to submit additional receipts and/or invoices for the items they are utilizing the funds.
  • Companies that qualify can apply for the LiftFund COVID-19 Loan and Grant programs, but are only eligible to receive one or the other.


Repayment Terms:

  • Initial 120 day deferral of P&I upon closing the loan
  • Terms are based on size of loan:

24 months for loans up to $15,000

36 months for loans up to $25,000


Eligibility:

  • Has not received a County COVID-19 loan
  • Employed fewer than 10 full time employees at all business locations.
  • Annual gross revenues of not more than $1 million from all business activities at all business locations
  • Must be in good standing with creditors for at least six months prior to COVID-19 outbreak.
  • Loans are limited to businesses that are located and will reopen in same location in Bexar County.
  • Demonstrates a loss of at least 15% of revenue in the period beginning March 1, 2020.
  • Must be verified through one or more of the following:

    • Paper documentation via bank,
    • Utilization of merchant service accounts such as PayPal or other solutions
    • Credit card authorizers,
    • Online QuickBooks or similar solutions via online portal
    • Plaid access via LiftFund
    • Business will demonstrate/show plan of action including assessment of financials to stabilize with funds as part of the assessment. The assessment and planning will be done as consultations with the applicants. Team members will assist and review with the applicants.

      • This includes a one page plan of action and budget from the business demonstrating need and ability to proceed with funding.


Documents:

  • Last 90 days of bank or statements connected to business demonstrating expenses and revenue; business formation verification, plan of action document, any pending tax documentation items
  • Application completed via liftfund.com website
  • Documentation of expenses funds will be utilized for.


Application Submission:

Quickest way to apply is online at www.liftfund.com.

Call: 1-888-215-2373

Or submit in person at: LiftFund 2007 W Martin Street, SA TX 78207

 


The Program for Grants: 

The Micro Business Grant Program provides grants to help small businesses in Bexar County that have suffered financial losses as a result of COVID-19. The grant is offered through LiftFund a local CDFI dedicated to strengthening small business in Bexar County and Texas.


How It Works:

  • Grants will be awarded on a rolling basis and are subject to the following terms and conditions:
  • Individual grants will range in value up to $5,000 and will be awarded based on such factors as need, location, planning, eligibility and availability of funds. Grants may be used for working capital, covering expenses of debt and workforce needs, and equity for additional funding sources.
  • Once an application is approved, businesses will need to submit receipts and/or invoices for the items they are seeking reimbursement for to receive funds.


Eligibility:

  • Employed fewer than 5 full time employees at all business locations.
  • Annual gross revenues of not more than $10 million from all business activities at all business locations
  • Located in Bexar County
  • Grants are limited to businesses that are located/will reopen in same location in Bexar County
  • CANNOT RECEIVE BOTH A LOAN AND A GRANT.
  • Demonstrates a loss of at least 20% of revenue in the past two weeks. Must be verified through one or more of the following:

    • paper documentation via bank,
    • utilization of merchant service accounts such as PayPal or other solutions
    • credit card authorizers,
    • online QuickBooks or similar solutions via online portal
    • Plaid access via LiftFund
  • Business will demonstrate/show plan of action including assessment of financials to stabilize with funds as part of the assessment.

    • This includes a one page plan of action and budget from the business demonstrating need and ability to proceed with funding.


Documents:

  • Last 90 days of bank or statements connected to business demonstrating expenses and revenue
  • Application completed via JotForm (create one for release)
  • Documentation of expenses funds will be utilized for (Inventory to be ordered; payroll to be met; or other direct business expense that enables the company to remain in business and retaining their employees.)


Application Submission:

Quickest way to apply is online at www.liftfund.com.

Call: 1-888-215-2373

Or submit in person at: LiftFund 2007 W Martin Street, SA TX 78207