Small businesses in the City of Austin can now start applying for financial aid from the city for up to $35,000. These dollars are to help tie businesses over until SBA loans kick in. The deadline to apply is May 8th.
As the Corona Crisis continues, many of Austin’s iconic restaurants and businesses have had to shutter their door permanently. In previous City Council meetings, the city leaders approved the “Austin Economic Injury Bridge Loan Program,” to help local businesses. These dollars come with a few rules:
- All loans must be repaid in 12 months and have a 3.75% interest rate.
- businesses must be headquartered in a City of Austin Council district.
- you must be able to demonstrate an economic loss associated with the COVID-19 pandemic
- and, must have already applied for the U.S. Small Business Administration (SBA) Economic Injury Disaster Loan.
“We understand that small businesses in Austin are still navigating the road to economic recovery,” explains Veronica Briseño, Director of Austin’s Economic Development Department. “The Austin Economic Injury Bridge Loan Program will help small businesses retain employees and pay for expenses like rent and fixed debt. This is one of the many ways our department is supporting small, local businesses experiencing economic loss due to the COVID-19 pandemic.”