COVID-19 Relief Programs - Brownsville Community Improvement Corporation (BCIC)

COVID-19 Business Assistance for Brownsville, Texas

Financial Assistance with SBA Loans ranging from $50,000 to $5,000,000 & 0% Interest Emergency Bridge Loans up to $15,000 with Select Lending Partners.

FUNDING ENDED

OPTION A - BTX CARES

Brownsville Cares Grant Program

For Businesses seeking $50,000 to $5,000,000 in funding, BCIC is able to grant $5,000 – $10,000 to be used towards the collateral for a $100,000 SBA loan (10%). Business must use these funds as earnest money towards any one of the existing SBA Loan programs (PPP, EIDL, SBA 7(A) etc.).

APPLICATIONS CLOSED HOW TO APPLY (VIDEO)

OPTION B - BRIDGE LOAN

Emergency/Bridge Loan Program

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 at 0% interest for twelve months. BCIC will reimburse interest payments towards loans for one year with interest no greater than 5.5%.

APPLICATIONS CLOSED HOW TO APPLY (VIDEO)APPLY WITH SELECT LENDING PARTNER

Select Lending Partners

Please see above the local select lenders participating in our Emergency/Bridge Loan program through StartUp Texas (more coming soon). Applicants must also apply for a $15,000 loan through our Select Lending Partner’s platform. If your Financial Institution or Organization would like to assist small businesses in Brownsville with our 0% Interest Emergency Bridge Loan Program, please click on the button below to fill out our form and a member of our team will contact you.

BECOME A SELECT LENDING PARTNER

HOW IT WORKS

Through the StartUp Texas Program, the Brownsville Community Improvement Corporation (BCIC) has created two new, innovative ways 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 either a $5,000-$10,000 grant to be used as collateral towards an SBA 7(a) Loan ranging from $50,000 to $5,000,000 (Option A), or a 0% interest emergency/bridge loan of up to $15,000 through a lending partner of BCIC (Option B).

Applicants can apply for both programs. Both programs require Applicant to have applied with the Small Business Administration for one of the Emergency Loan Programs offered, however only Option A requires acceptance into an SBA program. Option A grant funding must be used as earned money towards an SBA 7(a) Loan Program (Listed below) from $50,000 to $5,000,000.

DOWNLOAD GUIDELINES

DOCUMENTS NEEDED

Eligible recipients must provide the following documentation for our COVID-19 Relief Programs through StartUp Texas. The information required is very similar to that of what the Small Business Administration requests for their programs.

STEP BY STEP PROCESS

Business Plan

Businesses must submit a full business plan. If needed, a template is available for download in our Documents section.

COVID-19 Sustainability Plan

You can download a template for such a plan in our Documents section.

Business Financial Annual Reports (2016-2018)

Last 90 days of bank or statements connected to business demonstrating expenses and revenue; business formation verification, plan of action document, any pending tax documentation items
Documentation of funds used in the loan required.

Business Tax Filings (2016-2018)

All information submitted will remain confidential as per the guidelines established by the Texas State Legislature and the Texas Economic Development Council.

Signed Grant Terms Acknowledgement Form

Sign, scan or take a photo of the document and upload through our application portal. Terms can be downloaded from our Documents page.

ELIGIBILITY

Eligible recipients must have their businesses located within the City limits of Brownsville, Texas. Businesses that apply must be considered 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

CALL 888-816-8043 FOR MORE INFORMATION

UPDATED JUNE 9, 2020

SMALL BUSINESS ADMINISTRATION PROGRAMS CURRENTLY AVAILABLE

PAYCHECK PROTECTION PROGRAM (PPP)

Eligible recipients may qualify for a loan for up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount. Loan payments will be deferred for six months. If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

MORE INFO

ECONOMIC INJURY DISASTER LOANS & LOAN ADVANCE

Those who apply for EIDL can apply for a loan advance of up to $10,000. Funds will be made available within three days of a successful application and advance does not have to be paid.

MORE INFO

SBA DEBT RELIEF

SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020. SBA will pay the principal and interest of current 7(a) loans for a period of six months.

MORE INFO

SBA 7(a) LOAN PROGRAM

(Under CARE Act provisions) offers loan amounts up to $5,000,000 and is an all-inclusive loan program deployed by lending partners. The funds can be used for the following categories: