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)