Corpus Christi Port Grant Supports Virus Relief
The Port of Corpus Christi has allocated a $200,000 grant to LiftFund, a nonprofit community lender, to provide COVID-19 relief loans to eligible small businesses in Nueces and San Patricio counties.
The funds will be used to administer the small business recovery program and provide relief small business loans at 0 percent interest.
“A major economic engine of our region, the Port of Corpus Christi is attuned to the financial challenges inflicted by the coronavirus pandemic, particularly on Coastal Bend businesses,” said Sean Strawbridge, port CEO. “As we have for the last 94 years, the Port of Corpus Christi will continue its financial and policy support in the spirit of saving the livelihoods that drive our local, state and national economy.”
Eligible businesses must be located in Nueces or San Patricio County, have annual gross revenues of no more than $1.5 million and be able to demonstrate a revenue loss of 15 percent or more. Loans will range in value up to $25,000 at 0 percent interest and may be used for working capital, workforce needs and other business-related expenses.
LiftFund will use $180,000 of this grant as a loan fund to make COVID-19 recovery loans and the remaining $20,000 to bring the interest down to 0 percent. As the loans are repaid, the loan funds will be subsequently relent to area businesses on a revolving basis.