City of Laredo Announces Small Business Financial Assistance Programs
Written by admin, Mar 15, 2024, 0 Comments
Courtesy Andres Garcia,
Local Nonprofit Lender, LiftFund, to Manage Small Business Grant and 0% Interest Loan Programs
LAREDO, Texas – (March 13, 2024) – The City of Laredo, in partnership with LiftFund Inc., announced today the launch of two key initiatives aimed at bolstering small businesses with essential financial resources. Designed to encourage growth and ensure sustainability, these programs reflect the city’s dedication to fostering a resilient small business community.
The initiatives include the City of Laredo Small Business Grant Program and the 0% Interest Loan Program, each tailored to meet the diverse needs of small businesses. Whether seeking immediate financial support post-pandemic or long-term investment without the burden of high interest rates, these programs offer vital assistance.
“Supporting small businesses during ongoing challenges faced due to the pandemic continues to be critical for the City of Laredo” said Miriam Castillo, City of Laredo Economic Development Director. “We acknowledge that small businesses play a crucial role in our community and we hope that these programs offer some aid as they continue to recover from the negative economic impacts they’ve faced since the pandemic.”
The City of Laredo Small Business Grant Program will distribute $450,000 in grants, offering up to $5,000 to for-profit small businesses adversely affected by the COVID-19 pandemic. Applications are accepted from Monday, March 18th at 9:00 AM through Friday, April 5th at 5:00 PM. Unlike a first-come, first-served basis, applications will be evaluated on various factors, including previous access to federal and local relief funding. For eligibility criteria, timelines, and more information, visit: www.CityofLaredoSmallBusinessGrants.com
Meanwhile, the 0% Interest Loan Program will offer up to $50,000 in no-interest loans to Laredo’s qualified small businesses. Intended to mitigate pandemic impacts, these funds can be used for payroll, working capital, equipment, inventory, and other business-related expenses. Details can be found at: www.liftfund.com/laredo-zero-loan
“At LiftFund, our mission is clear: To bridge the gap and provide equitable financial solutions that empower businesses to rise stronger,” said Sara Saldana, LiftFund’s Senior VP of Lending. “We are honored to partner with the City once again and relaunch two impactful initiatives that have proven, tangible results in strengthening our community.”
The City of Laredo first introduced the 0% loan and relief grant programs at the onset of the pandemic in 2020, with additional funding for a second round of grants in 2022. Previous COVID-relief programs provided nearly $850,000 in 0% loans and $3.6 million in small business grants.
The City of Laredo and LiftFund are committed to creating a supportive ecosystem for small businesses, recognizing their pivotal role in driving economic growth and employment. These funding programs mark a significant investment in Laredo’s future, ensuring local businesses have the support needed to flourish in an ever-evolving economic landscape.
