EDC- Weslaco has developed a COVID-19 Weslaco Small Business Recovery Assistance Loan/Grant Program

In response to the adverse economic impacts of the COVID-19 pandemic, the Economic Development Corporation of Weslaco (EDC) has developed a COVID-19 Weslaco Small Business Recovery Assistance Loan/Grant Program to provide assistance to Weslaco-based businesses suffering from financial impacts related to the COVID-19 (corona-virus) pandemic.

The loan/grant is available to all non-home-based retail and small businesses located in the City of Weslaco; however, priority will be given to retail businesses that have frequent and/or close contact with customers.

“The growing economy in Weslaco has based it success on the traditions set by our small business owners,” says Juan J. Serrano, EDC Board President, “and it is essential that we help them survive this pandemic.”

The purpose of this program is to provide operating expenses for, payroll, mortgage, rent, utilities, etc. for existing, operational, small business enterprises within the City of Weslaco. The Weslaco EDC will provide a loan/grant to a small business up to a maximum of $5,000. $200,000 has been set aside to fund approximately 40 small businesses.

Approved applications that meet all criteria will be entered in a lottery selection process at www.random.org. The Weslaco EDC’s lottery selection process is the sole and final authority in determining eligibility and approval.

This program is intended to complement the Small Business Administration’s Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP). “It is very important for each business to apply for those programs to maximize business assistance and to reduce adverse economic impact on our community,” says Marie McDermott, Executive Director for the EDC of Weslaco.

All loans/grants will have maturity dates and a 5% interest rates, but can be forgiven 100% if used only for items listed under in the application subtitled “USE OF FUNDS.”

The loans/grants are being awarded at the discretion of the EDC Board of Directors. Business owners have one (1) year to show proof that Weslaco EDC loan/grant funds were used to pay for items specified. If receipts cannot be provided, monies are no longer grants and loan payments will begin June 1, 2021, with principal and interest for three years.

Eligibility for consideration include businesses required/mandated to close as a “Non-essential,” business and remained closed until notified by state and local authorities to re-open. Also included are businesses located inside the city limits of Weslaco, with 0-5 employees and in good standings with the City of Weslaco with regards to sales and use tax payments and property taxes.

Applicants will be asked to submit the application and supporting documentation to the Weslaco Economic Development Corporation during the week of May 13th through May 20th, 2020, by email weslacoedc@gmail.com and/or in person at 275 S. Kansas Ave. STE A, Weslaco, Texas.

For more information, call the Weslaco EDC office at 956-969-0838 or to www.weslacoedc.com to download a copy of the application.