HARLINGEN, TEXAS (July 8, 2020) – On Thursday, July 2, the HELP for Small Business committee reviewed the most recent applications submitted.
The seven qualifying businesses were approved for amounts ranging from $5,000 up to the maximum amount of $10,000. This is the fourth round of HELP for Small Business recipients.
Raudel Garza, Harlingen EDC CEO, says the program will continue until the allotted $1 million fund is used, or the program is discontinued.
The program launched May 1 and since then 35 small businesses have been approved for loans. The total amount loaned is now at $328,500. Funding is still available for eligible businesses.
“The HEDC and the City started this program to reach those in need, and we are doing that.” Raudel Garza, Harlingen EDC CEO, said. “This program is also helping us connect better with the small businesses here. Many of them are understanding the resources available to them through the HEDC.”
“The reaction to the program has been very positive, and there have been many tears of joy, virtual hugs and high-fives.”
Recent changes to the applicable terms have been made to open up the loan program to more Harlingen-based small businesses.
Among the changes, the board approved increasing the number of employees from 25 to 50; and also allowing a business demonstrating a loss of 10% in revenues during the pandemic versus the same time last year.
Small business owners are still encouraged to apply if they believe they meet the qualifications.
Receiving funds from federal resources such as a Paycheck Protection Program (PPP) or an Economic Injury Disaster Loan (EIDL) does not disqualify them from these local funds if they show a bigger financial need.
“Our purpose is to get J&V’s back on its feet by getting caught up on our bills, start re-ordering merchandise from our companies, (and) getting our employees back to work their regular hours.” Viola Garza, J&V’s Toys, Games, and More owners said.
“We applied to so many different programs and didn’t hear from anyone, yet it was our beloved Harlingen that answered our prayers.”