Small businesses in the Coastal Bend region looking to purchase new equipment, machinery, commercial vehicles or even real estate can get help with their purchases through a loan program offered by LiftFund, in partnership with the U.S. Economic Development Administration.
LiftFund’s EDA recovery loans are available in amounts up to $250,000 at a 3.5% fixed interest rate and will enable businesses to continue serving their customers and communities as the end of the year approaches. The loan program is part of LiftFund’s ongoing efforts to support small businesses and help them stabilize during the ongoing COVID-19 crisis.
John Edward Cervantez Moreno said he received a lot of support from LiftFund to make the process simple. He applied for the loan, was approved for it and plans to use the money to expand his services and advertise his business better. His company, Moreno Motor Co., is an automotive refinish and repair business that offers its customers expert body repair and paint.
“We took a loss in 2020, it was significant and we had to tighten the belt,” Moreno said. “I feel very happy I’m going to be able to purchase the equipment and advertise on television.”
The EDA loan will enable Moreno to hire an employee, purchase new equipment, increase advertising and add a new roadside sign outside his business in Corpus Christi. He plans to expand his service offerings and include automotive repair work, suspension work, and tire repair or replacement.
“The loan is allowing me to do a lot of things,” shared Moreno.
Eligible businesses must have been in operation prior to Sept. 1, 2019, and suffered economic injury due to the COVID-19 crisis. They include for-profit companies with a physical address in Corpus Christi or one of the following Coastal Bend counties: Aransas, Bee, Brooks, Calhoun, Dewitt, Duval, Goliad, Gonzales, Jackson, Jim Wells, Kennedy, Kleberg, Lavaca, Live Oak, Nueces, Refugio, San Patricio and Victoria.
The loans can be used for equipment, machinery and commercial vehicle purchases, real estate purchases for business occupancy 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 tough time for small businesses,” said Laura Leal Estrada, LiftFund’s Coastal Bend market manager. “LiftFund and the EDA remain committed to helping business owners strengthen and stabilize their businesses as we near the end of 2021 and get ready for the new year.”
Learn more and apply today at www.liftfundloans.com/coastalbend