Texas Governor Greg Abbott announced Monday that $50 Million of private, forgivable loans will be made to Texas small businesses that have been adversely impacted by the Coronavirus. These new loans will be issued primarily to avert Texas workers from being laid off or terminated. This new initiative is being offered through the SBA and the Paycheck Protection Program (PPP). However, it involves private (not governmental) funding through Goldman Sachs and the San Antonio nonprofit, LiftFund. If all stipulations are met, small business can have their loans forgiven in full by the SBA.
LiftFund is a non-profit organization that helps small business owners with limited access to capital. The company offers small business loans and minority business loans for entrepreneurs. LiftFund partners with SBA lenders and other lending institutions to provide startup loans, SBA 504 Loans, and microloans in Texas, and throughout the South Eastern U.S. In 2018, LiftFund had 591 donors, 118 investors, 500 partners, and 100 employees.
Small business owners in Texas can find out more about this loan program by visiting LiftFund’s website at www.liftfund.com.