Small business owners in Irving who are sweating tight cash-flow months just got a rare offer from city hall: access to 0% interest loans that can help them grow or simply make it through a rough patch. The city-backed program offers loans from $2,500 to $100,000 that can be used for payroll, equipment, inventory, startup costs and general working capital. The effort is being rolled out through a partnership with nonprofit lender LiftFund and applies to for-profit businesses operating inside Irving city limits.
As outlined by the City of Irving, local officials are buying down interest rates on qualified small-business loans to zero percent and routing applications through LiftFund’s online portal. The city page also lists a phone number and an email for businesses that want a human on the other end to walk them through the application.
Who qualifies and what the loans cover
Per reporting by WFAA, eligible applicants must be for-profit businesses located within Irving city limits that employ 100 or fewer people and have been operating for at least 24 months. Approved borrowers can put the money toward payroll, equipment, inventory, startup costs and other working capital needs. Loan amounts are listed as ranging from $2,500 to $100,000, which means the program is aimed at both very small operations and more established neighborhood employers.
How to apply and an upcoming information session
LiftFund is hosting a free virtual information session on April 13 at 2 p.m. Central Time to walk through eligibility and the application process, per the event listing on Eventbrite. During that session, staff are set to break down who qualifies, what documents owners should have ready and how the interest buydown actually works in practice…