AUSTIN (Talk1370.com) -- Small businesses in Austin have a new source for financial help during the coronavirus pandemic, thanks to a new City of Austin loan program.
Austin's Economic Injury Bridge Loan Program will offer loans up to $35,000, aimed at helping businesses retain employees until federal assistance comes in.
"We understand that small businesses in Austin are still navigating the road to economic recovery," explains Veronica Briseño, Director of Austin's Economic Development Department. "The Austin Economic Injury Bridge Loan Program will help small businesses retain employees and pay for expenses like rent and fixed debt. This is one of the many ways our department is supporting small, local businesses experiencing economic loss due to the COVID-19 pandemic."
To be eligible for the loan program, a business must be headquartered inside of a City of Austin council district. Applicants must be able to demonstrate an economic loss associated with COVID-19, and they need to have already applied for an Economic Injury Disaster Loan through the U.S. Small Business Administration.
To apply for the Austin Economic Injury Bridge Loan Program, submit a request for an application or visit www.coaloans.com.
