EDA Recovery Loans Coastal Bend, Loans Types

EDA Recovery Loans Coastal Bend

LiftFund’s EDA recovery loans are designed to support you during the COVID-19 crisis, and help you stabilize your business so you can continue making a difference in your community.

Loan Types:

Recovery loans up to $250,000
3.5% fixed interest rate
2% commitment fee

fUNDS mAY bE uSED fOR:

Equipment and machinery purchase
Commercial vehicles purchase
Purchase real estate for business immediate occupancy (minimum 60%)
Leasehold improvement and construction
Working capital for leasehold improvements and other business costs associated with the project
Working capital funds must not exceed 50% of the total loan amount

eLIGIBILITY:

For-profit businesses with physical address and operations within the qualified area
Existing Businesses, in operations prior to September 1, 2019 that suffered an economic injury
Start Up businesses created to support the response to the crisis

Qualified Area:

The EDA loans are available in the following Coastal Bend Counties:

Aransas, Bee, Brooks, Calhoun, Dewitt, Duval, Goliad, Gonzales, Jackson, Jim Wells, Kenedy, Kleberg, Lavaca, Live Oak, Nueces, Refugio, San Patricio, and Victoria.

Ineligible Businesses:

The following business operations are not eligible for our EDA recovery loan funds.

Non-Profit Businesses
Businesses engaged in lending
Passive Businesses
Businesses selling through a pyramid plan
Gambling activities
Businesses engaged in promoting religion
Private clubs that limit membership for reasons other than capacity
Consumer and Marketing Cooperatives
Any Business that had caused a prior loss to the government