FORT WORTH (1080 KRLD) - The City of Fort Worth has launched a microloan program for local businesses.
The city is teaming up with PeopleFund to launch the Business Resiliency Microloan Program, which is specifically aimed at small businesses.
"The biggest impact, which you can imagine, is probably those companies that have 25 employees or less," says Robert Sturns, Fort Worth director of economic development, "and obviously they're concerned about revenue and payroll and things like that."
There are a few requirements to be eligible for the loans.
"They do have to have a business presence in Fort Worth," says Sturns. "And we're asking them, and it's a requirement for them, to actually pursue the federal dollars as part of this program."
The latter requirement is to prevent any local money to impact what they could receive at the federal level, especially since a portion of the federal loans may be forgiven.
Businesses must also be current on their city and county property taxes.
"The maximum loan amount is $50,000," Sturns says, "but we are really trying to keep about 60% of the loans to be at $15,000 or less."
The loans are interest-free for the first six months; after that, the interest rate is 5% or less.
To apply for a loan through the Business Resiliency Microloan Program, click here.
