It’s hard to believe that we are already in the second month of 2022. While some things remain uncertain, others provide a glimpse of hope that better times are ahead.
Business owners are preparing for the new season, better weather, and more visitors to come to our city with events like Spring Break and Fiesta to boost sales -- and if there is one thing we know to be true in business, it’s that you need money to make money. That’s where LiftFund comes in!
As a nonprofit community lender, we are a flexible and non-traditional financial institution that offers small business funding from as little as $1,000 to half a million. We are also able to fund large projects and real estate acquisition up to $5 million, but we can save that for a later time.
Right now, we have two special loan programs in our community to help small businesses with low-interest funding options.
Thanks to an ongoing partnership with the City of San Antonio, for the fifth consecutive year, we are offering small business loans up to $50,000 at a zero percent interest rate. To take advantage of this program, the business must be located within the city limits of San Antonio and aiming to hire a full-time employee (or two part-time employees) within the next 12 months. This program is a great opportunity to stock up on inventory, purchase additional equipment, increase payroll, or boost marketing and sales efforts.
We also currently have a partnership with the Economic Development Administration (EDA) to provide COVID relief funding to help small business owners cope with the economic impact of the pandemic, or support those who created business opportunities in response to it. These relief loans are up to $250,000 at a 3.5% interest rate and the funds can be used for machinery, leasehold improvements, commercial vehicles and more.
As with every special program, funding for both these lending options is limited and available until funds are disbursed, so I encourage business owners to connect with us if interested. They may also take our loan readiness quiz to find out if a LiftFund loan is a good fit for their business, even before starting an application. Our quiz is commitment-free and will not prompt a credit check.
Our hope is that these special loan programs give San Antonio business owners a lift to reach their 2022 business goals and help strengthen San Antonio neighborhoods and our local economy.
Janie Barrera is the founding President and Chief Executive Officer of LiftFund, a nonprofit small business champion.