In response to the adverse economic impacts of the COVID-19 pandemic, the Economic Development Corporation of Weslaco (EDC) and the City of Weslaco has developed a ROUND TWO (2) COVID-19 Weslaco Small Business Recovery Assistance Loan/Grant Program to provide assistance to Weslaco-based businesses suffering from financial impacts related to the COVID-19 (Coronavirus) pandemic.
The loan/grant is available to all non-home-based retail and small businesses located in the City of Weslaco, that have not been awarded a previous grant issued by the EDC of Weslaco in May, 2020, and must have 0-10 or fewer full-time employees: however, priority will be given to non-essential business with 0-5 employees and retail businesses that have frequent and/or close contact with customers.
”In May, 2020, we (EDC of Weslaco) awarded nearly $180,000 in grants to 37 small businesses as the Covid 19 infection rates were on their way down, says EDC Board Secretary, Cynthia Cabaza, “but as they started to rise again, it was the small business community that was affected the most and forced to shut down, making it harder to survive.”
The purpose of this program is to provide financial assistance for operating expenses for, payroll, mortgage, rent, utilities, etc. for existing, small business enterprises within the City of Weslaco. The Weslaco EDC will provide a loan/grant to a small business up to a maximum of $5,000.
Approved applications that meet all criteria will be entered in a lottery selection process at www.random.org. The Weslaco EDC’s lottery selection process is the sole and final authority in determining eligibility and approval.
All loans/grants will have maturity dates and a 5% interest rates, but can be forgiven 100% if used only for items listed under in the application subtitled “USE OF FUNDS.”
The loans/grants are being awarded at the discretion of the EDC Board of Directors. Business owners have one (1) year to show proof that Weslaco EDC loan/grant funds were used to pay for items specified. If receipts cannot be provided, monies are no longer grants and loan payments will begin August 1, 2021, with principal and interest for three years.
Eligibility for consideration include businesses required/mandated to close as a “Non-essential,” business and remained closed until notified by state and local authorities to re-open. Also included are businesses located inside the city limits of Weslaco, with 0-10 employees and in good standings with the City of Weslaco with regards to sales and use tax payments and property taxes.
Applicants will be asked to submit the application and supporting documentation to the Weslaco Economic Development Corporation during the week of August 10th through August 19th, 2020, by email weslacoedc@gmail.com and/or in person at 275 S. Kansas Ave. STE A, Weslaco, Texas.
For more information, call the Weslaco EDC office at 956-969-0838 or to www.weslacoedc.com to download a copy of the application.
