Through the StartUp Texas program, the Brownsville Community Improvement Corporation (BCIC) has created the Brownsville Cares Grant to help our community’s small businesses survive the current COVID-19 outbreak, and build resiliency for the future. 

Qualified small businesses can apply for a $10,000 grant to be used as 10% collateral towards an SBA 7(a) Loan for $100,000. Applicants are welcome to add additional funding to this grant amount for a larger loan up to $5,000,000 with the SBA 7(a) Loan (Interest rates vary, 10% Collateral on a $5 Million Loan would require $500,000) .

THREE STEP PROCESS:

1.)  Business applies with BCIC for the Brownsville Cares Grant through the application portal below.

2.)  Business is notified of award if business is categorized as critical. Critical businesses will present the following features:

• At-risk of losing employees 
• Employer provides primary jobs (wages above national average) 
• Employer at-risk of losing multiple locations 
• Business serves as a critical supplier or distributor

3.)  Grant is awarded upon receiving a copy of award letter from SBA and agreement with BCIC is signed digitally.

The Brownsville Cares Grant Program Agreement states the recipient must use the $10,000 grant funding as earnest money towards an SBA Loan. Expenditures not approved or submitted from the original application will result in a payback of grant funding.  If business defaults on its SBA Loan, the business is liable for the total amount of the grant plus another 10% penalty. Business must provide BCIC a digital report that details the following:

• Number of business employees
• Monthly percentage decrease/increase of revenue 
• Receipt of loan payment
• Total monthly payroll payment
• Manager’s operation status summary (no more than 300 words)

PLEASE READ OUR GUIDELINES BEFORE APPLYING!

 

Through the StartUp Texas program, the Brownsville Community Improvement Corporation (BCIC) has created an emergency bridge loan program to help our community’s small businesses survive the current COVID-19 outbreak, and build resiliency for the future.

BCIC is seeking to partner with local lenders to provide businesses affected by COVID-19 with emergency/bridge loans of no more than $15,000 for immediate business needs. BCIC will reimburse interest payments towards loans with interest no greater than 5.5% for one calendar year. Reimbursements of interest payments will be used towards the principal amount of the loan to reduce the amount of time it would take to liquidate the loan. 

THREE STEP PROCESS: 

1.)  Business applies with BCIC through the application portal below. Businesses looking for the zero percent interest assistance will submit the following application for loans no greater than $15,000 with interest rates no larger than 5.5.% 

2.) Partner lender will provide approval letter with terms (amount, interest rate and term amount). Lender must not include penalties if loan is paid in full prior to its term date. Loan must be eligible as a bridge-loan for an SBA loan. Lender criteria must review the applicant’s ability to repay the loan. Upon receipt, BCIC will notify applicant if approved.

3.) If approved, recipient will then sign agreement with BCIC which must include the following conditions:  

• Business will provide BCIC with receipts of all expenditures performed with lender funds
• Business agrees that BCIC will use the interest payment reimbursement towards the principal of the loan
• If Business performs unauthorized expenditures that were not approved, the interest reimbursement assistance agreement will be terminated and BCIC will not be obligated to continue the agreement terms. 

PLEASE READ OUR GUIDELINES BEFORE APPLYING!

BCIC is seeking to partner with private organizations, corporations, non-profits, and government entities, that seek creative approaches to advance economic prosperity in Brownsville, Texas. The Economic Impact Grant provides opportunity for financial support towards projects that create an attractive environment for Brownsville, Texas to be a destination city to live, work, play and invest that will enhance the economic well-being of the community. All projects must foster economic development within the Brownsville city limits. Upon board approval, a 60-day public comment period is triggered which will ultimately result in the approval by the City Commission.

The Economic Impact Grant is a two-step application process. The applicant is required to submit a Letter of Inquiry (LOI) to review  the proposal or idea. The proposal will be reviewed and evaluated based on Type B eligibility (accordance to sales tax statues) and the economic impact it will have on the community. Based on the evaluation, a response of declination or an invitation to submit a formal application will be given with a deadline. Upon receiving the full application and further consideration of funding, the application request will be presented at a BCIC board meeting during a public hearing to consider funding the proposal.

PLEASE READ THE GUIDELINES BEFORE APPLYING.