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Council approves small business loans package

Council approves small business
Posted at 11:35 AM, Apr 07, 2020
and last updated 2020-04-07 12:36:05-04

CORPUS CHRISTI, Texas — At today's special meeting, the Corpus Christi City Council approved an emergency $2 million loan program to help local small businesses.

In a partnership with LftFund, businesses affected by COVID-19 can apply for interest free micro loans of up to $25,000.

The first payment isn't due for 120 days.

To be eligible, businesses can‘t make more than $1.5 million a year in revenue. And they have to prove at least 15 percent in losses since the crisis started.

The council added an amendment giving priority to businesses most affected by the governor’s stay-at-home order.

Interested businesses can call LiftFund at 888-215-2373 to apply.

Online applications begin on Monday April 13.