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.