Corpus Christi Disaster Relief Loan Program

In partnership with the City of Corpus Christi, LiftFund is able to provide 0% interest loans up to $25,000 to help Corpus Christi small businesses that have suffered losses as a result of COVID-19.

Relief loans for small businesses in Nueces and San Patricio Counties are available with the support and partnership of the Port of Corpus Christi.


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How it works:

  • Business owners must apply online at to begin the application process and are subject to credit review and financial assessment.
  • Loans will range in value up to $25,000 and will be approved based on such factors as need, location, planning, eligibility and availability of funds.
  • Funds may be used for working capital, covering expenses of debt and workforce needs.
  • Once an application is approved, businesses will need to submit additional receipts and/or invoices for the items they are utilizing the funds.
  • Companies that qualify can apply for the LiftFund COVID-19 Loan and Grant programs, but are only eligible to receive one or the other.

Repayment Terms:

  • Initial 120 day deferral of P&I upon closing the loan
  • Terms are based on size of loan:
    24 months for loans up to $15,000
    36 months for loans up to $25,000

Eligibility:

  • Annual gross revenues of not more than $1.5 million from all business activities at all business locations
  • Must be in good standing with creditors for at least six months prior to COVID-19 outbreak.
  • Loans are limited to businesses that are located and will reopen in same location in City of Corpus Christi
  • Demonstrates a loss of at least 15% of revenue in the period beginning March 1, 2020.
  • Must be verified through one or more of the following:
    • Plaid access via LiftFund or Paper documentation via bank accounts
    • Business will demonstrate/show plan of action including assessment of financials to stabilize with funds as part of the assessment. The assessment and planning will be done as consultations with the applicants. Team members will assist and review with the applicants. See form here.
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Documents:

  • Last 90 days of bank or statements connected to business demonstrating expenses and revenue; business formation verification, plan of action document, any pending tax documentation items
  • Documentation of funds used in the loan required. 


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