Covid-19 Small Business Relief & Recovery Loan Program

HGALDC - Houston-Galveston Area Local Development Corporation

Covid-19 Small Business Relief & Recovery Loan Program

Learn more about the loan program during our COVID-19 Regional Small Business Relief & Recovery webinar:

Wednesday, October 14, 2020 at 11am

Please Click Here to access the recording of the webinar held on October 14, 2020 at 11:00 AM CST

If you have already applied, you can view your application status using our
EDA Loan Application Dashboard.

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Covid-19 Small Business Relief & Recovery Loan Program

It is a critical time for small businesses and the H-GALDC is here to help. During this unprecedented pandemic, the H-GALDC has helped hundreds of businesses with immediate financing to help survive the pandemic and position themselves to thrive afterwards. If your business has been impacted by Covid-19, apply now for our Relief and Recovery Loan Program!
Funds are available for projects located in the following Texas counties: Austin, Brazoria, Chambers, Colorado, Fort Bend, Galveston, Harris, Liberty, Matagorda, Montgomery, Walker, Waller, and Wharton.

Eligibility

1. The business must have been impacted by COVID-19
2. The business must have been in operation on or before 12/31/2018
3. The business must have
Net Worth less than $15 million
Average Net Income/ Profit for last two years less than $5 million
4. The business must demonstrate it was healthy prior to COVID-19
5. Must be in good standing with Secretary of State and Texas Comptroller of Public Accounts
6. Must be in good standing with local, state and federal taxing entities.
7. Must have acceptable credit (no bankruptcies and limited charge-offs/ collections)
8. Funds are available for projects located in the following Texas counties: Austin, Brazoria, Chambers, Colorado, Fort Bend, Galveston, Harris, Liberty, Matagorda, Montgomery, Walker, Waller, and Wharton.

Maximum Loan Size and Terms

1. Up to $50,000
2. Three-month grace period before payments begin
3. 0% interest the first year after receipt of the loan
4. 4% interest after first year
5. Five-year term
6. No prepayment penalty

Required Documents

1. Online application
2. Two years of financial documents (2018 and 2019)
Tax Returns and/or
Year End Financial Statements (i.e. Balance Sheet, Income Statement, Cash Flow Statement)
3. Interim Financial Documents for 2020
4. Debt Schedule
5. Personal Financial Statements for all owners with over 20% ownership
6. Copy of valid identification for all owners with over 20% ownership
7. Copy of current Rent/ Mortgage Statement
8. Copy of Lease Agreement (if applicable)
9. Copy of liability insurance



Approved Number of Applicants
Loan Requests
Funded Number of Applicants
Loan Request Disbursed
EDA Loan Program.
Click here to apply