[Marshall, Texas, May 14, 2020]
Marshall Small Business Revolving Loans Tackle COVID-19
[Marshall, Texas] To assist businesses that are suffering from the effects of the coronavirus (COVID-19) and helping companies to grow, the City of Marshall has allocated a portion of the funds from the CARES Act to create a small business revolving loan program. The initiative of supporting a small business loan program is a goal that came out of the citizen-driven Mobilize Marshall plan. These efforts to assist new businesses and encourage existing businesses to grow would promote the creation of a “Cradle of Entrepreneurship” program within the City.
The City of Marshall Small Business Revolving Loan Fund is designed to assist small and emerging businesses with projected gross revenue of less than $1 million and employ 50 or fewer employees. Companies must be located within the city limit of Marshall to apply.
Approved loans will not exceed the available funding in the revolving loan fund account and not exceed $10,000 or 75% of the total project cost, whichever is less. Approval for a small business revolving loan focuses on the character, credit, and reliability of the borrower. No predetermined percentage of equity will be required, nor is adequate collateral a determining factor, but loans will be secured by collateral when possible.
Eligible Loan Purposes:
• Acquisition and development or improvement of land, easements, and rights-of-way. Overhead expenses such as certifications, licenses, advertising, incorporation, insurance, etc.
• Rent and utilities.
• Training, technical assistance, business services (such as web site development, etc.) to increase the capacity of recipients to carry out or broaden services.
• Labor expenses (excluding owner), business inventory and supplies.
• Capital or equipment purchases necessary for the business operation.
The source of funding for the Small Business Revolving Loan Program is provided primarily through the U.S. Department of Housing and Urban Development Community Block Development Grant and through funds awarded to the City by a U.S. Department of Agricultural Rural Business Enterprise Grant.
The loan application process will begin with a pre-application consultation with City Staff and a completed application with supporting documentation. For more information on application, please contact Morrison.firstname.lastname@example.org.