Info Session - ReOpen For Business Assistance Program

837 East Elizabeth Street,Brownsville TX 78520

16 August, 2022

Description

This info session will be presented in Engligh and Spanish. The ReOpen for Business Assistance Program is a unique financing tool that offers forgivable loans to small businesses to retain jobs and stabilize businesses. Businesses must demonstrate hardship caused by the COVID-19 virus outbreak in order to qualify for financing. This program is a short-term 0% interest forgivable loan program up to $10,000 to assist businesses with up to fifty (50)employees at the time of application, or up to five(5)employees (including the owner)with low to moderate income.The business must demonstrate a loss of gross revenue of 15% or more as aresult of the COVID-19 pandemic to be considered for funding. Who Can Apply? Eligible recipients must have their businesses located within the City limits of Brownsville,Texas. Businesses must meet ONLY one of the following two criteria: MICROENTERPRISE ($5,000) Business has five or few employees, including the business owner. Business is owned by a low to moderate income individual and can demonstrate potential business closure or layoffs without the loan funds.SMALL BUSINESS ($10,000) Defined as a Company business with 50 or fewer employees that can demonstrate at least one (1) FTE job would be lost without the loan funds and must retain at least one FTE job for a low to moderate income person for a minimum of six (6) months during the program activity.LOAN FORGIVENESS This loan will have a three-year term at a 0% interest rate. If your business is able to retain at least ONE low- or moderate-income full-time employee or equivalent for the first six three after the receipt of loan funds, business remains in good standing and is operating at current or more occupancy at the time of application submission, then the loan will be completely forgiven. If your business is unable to provide such documentation, it will not be deemed to have met the requirements to enable it to be forgiven, however repayment will be deferred for the first twelve (12) month period after the loan is administered. Businesses will begin monthly loan repayments on month 13. After repayment begins, businesses shall have two (2) years (twenty-four (24)months) to complete full repayment of the loan. For more information on this program please visit https://brownsvilleedc.org/covid19/ or contact Victoria Padron at (956)983-9445.