Small businesses in the City of Helotes, like small businesses throughout the country, are suffering financial hardships as a result of the COVID-19 pandemic. As a result, many small businesses have experienced significant revenue losses. Recognizing the unprecedented financial impacts to the local economy and to our community’s small businesses, the Helotes Economic Development Corporation has approved funding of $300,000 to establish the Small Business Loan Assistance Program.
Helotes City Council and Economic Development Corporation (HEDC) have approved funding of $300,000 to establish the Small Business Loan Assistance Program. The loans will provide short-term, immediate financial aid to small businesses that meet certain criteria and have sustained economic loss due to the COVID-10 pandemic. The program offers a maximum loan up to $20,000 per business with a 90 day deferment and 36 months repayment plan. Applications will be available starting May 27 at 10:00 a.m. Qualifying criteria includes, but is not limited to:
- Located within the corporate limits of the City of Helotes
- Must have a current Certificate of Occupancy in Helotes
- Must have been in business since May 2019
- Must be a sales tax producing business
- Must demonstrate a loss of revenue due to the COVID-19 crisis
- Must have 20 or fewer FTE (Full time equivalent)
- Must be able to repay the new loan
- Loan must be secured with a blanket lien and UCC filing
- Borrower will be required to personally guarantee the loan; business guarantee is also required
- Those who have not received other assistance will be given preference
“On behalf of the Helotes Economic Development Corporation, we want to thank each of our businesses during this unprecedented time. We feel strongly that now more than ever the Helotes business community needs our support. This program will allow small business owners to retain employees and make their lease payments.”
For more information or to apply, go to www.helotesedc.com. Funding is available on a first come, first serve basis, applications will be accepted beginning at 10:00 a.m. on Wednesday, May 27, 2020 until August 28, 2020. For more information contact BCL staff at 1-888-241-2215 or HEDC staff at 210-695-5910.