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The Brownsville Community Improvement Corporation says there’s still a little money left in its Small Business Recovery Fund, and is encouraging eligible small businesses to take advantage.

A ReOpen for Business Assistance Program, the Recovery Fund is for small businesses that endured economic hardship as a result of the COVID-19 pandemic. Businesses that lost 15% or more in revenue because of the pandemic could be eligible for short-term forgivable loans of up to $20,000 at zero-percent interest. BCIC stressed that time is running out, since the program ends Dec. 31 at 11:59 p.m.

BCIC and the city of Brownsville partnered to create the recovery fund with the aim of helping local businesses stabilize and retain jobs.

“The primary objectives are to support eligible retail, food, personal services businesses that employ low- and moderate-income persons to retain jobs for city residents,” BCIC said.

Qualified applicants with up to 50 employees at the time of application can get up to $20,000, while businesses with up to five employees (including the owner, who must be low- to moderate-income) may be able to receive $10,000 in the form of a zero-interest, forgivable loan.

“The business must demonstrate a loss of gross revenue of 15 percent or more as a result of the COVID-19 pandemic to be considered for funding,” BCIC said.

Applications are being accepted through BCIC’s online application portal. Anyone interested in applying would be wise to apply early, according to the organization.

“Due to the anticipated number of submissions, allocated funds to the loan program may be exhausted before (Dec. 31),” BCIC said. “Applications will be reviewed and evaluated on eligibility. … You can apply now to secure support before the pool is exhausted. You can start your application now and resume later.”

Depending on the number of eligible applicants and the fact that funding is limited, applicants may be chosen based on a lottery system, the organization said, noting that businesses that received Brownsville ReOpen for Business Assistance during Rounds 1-2 are not eligible to apply. Those who received a PPP loan, however, are still eligible to apply.

BCIC advised potential applicants to read the policies and procedures and review the document checklist before applying.

To be eligible, a business must operate as a for-profit business in Brownsville, employ low- to moderate-income individuals, and must have not received Round 1-2 ReOpen for Business Assistance from BCIC.

For complete information and to apply go to bcic.submittable.com/submit/246141/brownsville-small-business-recovery-fund?mc_cid=a6c67fef04&mc_eid=0e59dbb81e.

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