File photo
File photo
As COVID-19 continues to impact the world, the City of Fort Worth is working hard to ensure that small businesses are able to stay afloat amid these uncertain times.
According to Fort Worth Business, the city has teamed with PeopleFund to create the Business Resiliency Microloan Program. The program is designed to direct $850,000 or more to businesses within the city that have been negatively impacted by the coronavirus.
The city said the loans will come in a variety of forms and can be used to pay fixed debts, payroll, accounts payable or bills that the businesses are struggling to pay in light of the outbreak. They will also vary in amount, ranging from under $15,000 – which will be half of the loans — and up to $50,000. A minimum of 60% of the loans be directed to minority-owned business or those with low or moderate income.
Eligibility requirements include a physical address in Fort Worth and up-to-date property tax payments with the city and county.
Additional loan terms are zero interest rate for the first six months. After the first six months, the interest rate will not exceed 5%. Loans are completely amortized for up to 78 months and can be paid early without incurring any penalties. Additionally, the loans can be paired with other PeopleFund programs.
Mayor Betsy Price said the city is attempting to do all it can to ensure small business owners are able to weather the storm.
“Fort Worth’s small businesses are one of the things that make our city so special, and we know they’ve been hit hard during this unprecedented time,” Price said. "As our community continues to rally around our small businesses, this program will provide them with some much-needed support and relief."
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