Marshall Creates Revolving Loan Program to Help Businesses Affected by COVID-19

MARSHALL, Texas (KTAL / KMSS) – The city of Marshall has created a new loan program to help businesses suffering the effects of the coronavirus.

The city allocated part of the CARES law funds to create a revolving loan program.

The City of Marshall Small Business Revolving Loan Fund is designed to help small and emerging businesses with an expected gross income of less than $ 1 million and employ 50 or fewer employees. Businesses must be located within the Marshall City limit to apply.

Approved loans will not exceed the funding available in the revolving credit fund account and will not exceed $ 10,000 or 75% of the total project cost, whichever is less.

The approval of a revolving small business loan focuses on the character, credit and reliability of the borrower. No predetermined percentage of equity will be required, and no adequate collateral is a determining factor, but loans will be secured by collateral where possible.

Eligible loan goals:

  • Acquisition and development or improvement of land, easements and rights-of-way. Overhead costs such as certifications, licenses, advertising, incorporation, insurance, etc.
  • Rent and charges.
  • Training, technical assistance, business services (such as website development, etc.) to increase the capacity of beneficiaries to perform or expand services.
  • Labor expenses (excluding owner), business inventory and supplies.
  • Purchases of fixed assets or equipment necessary for the operation of the business.

The source of funding for the Small Business Revolving Loan Program is primarily from the United States Department of Housing and Urban Development Community Development Grant and funds provided to the city through a US Department Agricultural and Rural Business Grant. of agriculture.

The loan application process will begin with a pre-application consultation with municipal staff and a completed application with supporting documents. For more information about the app, please contact [email protected]

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