LiftFund is a nonprofit organization that gives loans to small business owners. It is partnering with the Economic Development Administration (EDA) and pumping $3 million in the Golden Crescent area for easy access to loans by small businesses.
The collaboration and funds are meant to help small businesses that aren’t doing well, especially those affected by Hurricane Harvey.
LiftFund had organized a resource fair and panel discussion event at the University of Houston-Victoria to enlighten local business proprietors about the grant which is available to business within the 18 counties and how they can also grow their business.
The mode of operation of the fund will be like the energy cycle, which means that as disbursed loans are being repaid, they are released back as funds for new loans. This means that the program will run for decades.
The application is available to any small business via LiftFund. Entrepreneurs can get loans as low as $1000 and up to $250,000 depending on the financial needs of the business. The interest rate for now, at least till March 2020, is 4%.
LiftFund is a community lender based in San Antonio. The organization is well experienced, having worked with diverse entrepreneurs, from owners of pet shops, bakeries, coffee shops, restaurants, and many more.