The Breckenridge Economic Development Corporation (BEDC) is implementing a COVID-19 Recovery Emergency Loan Program (“Program”) as part of BEDC’s Revolving Loan Program, to provide assistance to help local businesses recover from financial impacts related to the COVID-19 (coronavirus) pandemic. The purpose of this Recovery Program is to provide working capital which may equal up to 1 month’s personnel costs, rent, utilities, etc. for existing small businesses within Stephens County, Texas. Through the Program, $200,000 in total funds have been allocated. The BEDC will provide loans which may be used to pay operating, payroll, rent, etc. expenses, not to exceed $10,000 per business. All loans will be interest free and have no more than a 30-month repayment schedule with up to 6 months first payment deferral. These small business loans are being made available from the BEDC in the form of a Promissory Note between the business owner and the BEDC. The application period for this loan will remain open until funding has been exhausted or until the BEDC determines that the program goals have been satisfied.
Eligibility & Consideration
To qualify for funding under this Program, the business applicant must meet all of the following criteria:
- Business must be physically located in Stephens County, and must be in compliance with all applicable zoning, land use, and other ordinances. Non-profit businesses do not qualify for the COVID-19 Emergency Loan Program.
- Business must have 50 or fewer employees.
- Business must have been in operation for at least 6 months.
- Business must be in good standing (financial & compliance) with the BEDC and creditors.
- Business must submit a COMPLETE application packet including:
- Completed application form,
- Most recent tax returns,
- Balance sheet, and
- Profit-and-loss statements for the last six months.
- There is a limit of one loan per applicant.
- Once awarded, a Promissory Note will be executed to complete the loan process and initiate payment of funds.
- Please note that award of these loan funds may impact funding from other Federal and State programs. Applicant should check terms of other such grant and loan programs.
- Application for this program does not guarantee award of funding. Funding will be awarded at the sole discretion of the BEDC Loan Committee and based on need, investment, and availability.