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    Categories: loan

Partnership for Small Business Loans Assistance

Because the previous McAllen Fee conferences, commissioners accredited creating the McAllen Small Enterprise Assist Fund, in partnership with the McAllen Chamber of Commerce to offer funding to small companies in McAllen affected by the COVID-19 world pandemic. The Metropolis of McAllen will present American Rescue Plan funds, within the quantity of $4 million to McAllen Small Enterprise Assist Fund, to offer grants and loans as much as $30,000 at zero % curiosity, in three totally different tier ranges, for companies in McAllen with not more than 100 workers and with a gross income to not exceed $3 million.

“Small enterprise is the lifeblood of any metropolis’s monetary success, particularly right here in McAllen with so many revolutionary entrepreneurs who’ve helped to create the financial panorama of the group, offering jobs, and distinctive providers and merchandise,” stated McAllen Mayor Javier Villalobos. “The funding will assist our small enterprise group to remain open, conserving individuals employed and offering the products and providers that makes McAllen the retail heart in not solely the Rio Grande Valley, but in addition, South Texas.”

The purpose of the grant and mortgage program is to assist these native and small companies in McAllen with funds that could be used for working capital, leasing house, insurance coverage and/or utilities. Different legitimate bills embrace counseling and authorized support to forestall eviction; repairs and digital literacy help or job trainings to particularly handle unfavorable financial or public well being impacts COVID-19 preventative measures, resembling lodging to bodily location to allow social distancing, improve cleansing efforts, set up boundaries or partitions, COVID-19 vaccination, testing or contact tracing applications and buying of PPE additionally qualify. Different accredited bills embrace licensed technical help, counseling, or providers to help with enterprise planning wants in addition to short-term advertising campaigns. Moreover, funding for stock, provides, furnishings, software program and gear may additionally be thought of.

Funds can be distributed on three ranges: Stage I – $10,000; Stage II – $20,000 and Stage III – $30,000 and stage funding qualification can be strictly selected the revenues of the enterprise’ 2020 submitted tax return. Stage I funding can be thought of a grant; at Stage II, $10,000 can be thought of a grant and $10,000 can be thought of a deferred forgivable mortgage over 12 months. Stage III funding will award a $10,000 grant and $20,000 can be thought of a deferred forgivable mortgage over 24 months.

Funding can be accredited primarily based on such elements as have to be in good standing with the Texas Secretary of State; candidates are 51% majority proprietor of enterprise; can present want; should not in chapter; are present with all native, state and federal taxes, charges and another debt funds to the Metropolis of McAllen;

“Small companies are experiencing extreme monetary misery because of the financial affect of COVID-19,” stated Blanca Cardenas, Interim CEO/President of the McAllen Chamber of Commerce. “We’re proud to additional our partnership with the Metropolis of McAllen to assist small enterprise homeowners in our group keep afloat after this unprecedented expertise which nonetheless continues to have an effect on native companies particularly exhausting.”

– Commercial –

Permitted companies embrace that the institution has a brick-and-mortar location inside McAllen metropolis limits; is a home-based enterprise with correct residence occupation allow; was established earlier than March 1, 2020; and should have the ability to reveal that the enterprise was affected by the pandemic by not less than 20% lower in gross sales from 2019 to 2020, amongst different eligibility necessities. Companies not allowed embrace forex speculators; securities investments; tobacco manufacturing or playing institutions; sexually oriented companies, in addition to different companies not listed right here.

Funds can be disbursed for documented eligible challenge bills and paid on to third-party distributors and never the companies straight. Periodic reporting can be carried out, relying on funding stage on the six month, 12 month and 18 month interval.

The applying course of requires the next documentation: Secretary of State Texas file quantity; proprietor’s Texas driver’s license quantity; Social Safety quantity; employer identification quantity; signed 2019 and 2020 tax return; and proof of McAllen location.

For extra details about the McAllen Small Enterprise Progress Fund or its guidelines, please contact the administrator at grants@mcallenchamber.com. The applying can be accessible on-line and may be discovered at www.grant.mcallen.org. Functions open January 10, 2022 at 10:00 a.m.

The funding supply for the McAllen Small Enterprise Progress Fund comes from the Metropolis of McAllen via the American Rescue Plan. Functions can be accredited in keeping with the established pointers. Accomplished purposes, together with all paperwork outlined above, are thought of on a primary come, first served foundation. Funds can be allotted on a first-come-first-served foundation till the funds are depleted. Companies who haven’t obtained help and are on the ready record from the McAllen COVID-19 Small Enterprise Fund ought to take precedence earlier than permitting helping beforehand funded enterprises.

 

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