LiftFund Small Business Disaster Relief Programs Frequently Asked Questions

April 27th, 2020

Thank you for your interest in LiftFund. Please be aware that we are currently experiencing an extremely high volume of inquiries and applications due to COVID-19. It is never our intention for a client to received delayed communications from us. However, for the next few weeks, we will need a little more time than usual for our follow-ups as our entire team works diligently to serve you during this trying time.  

In an effort to promptly address your concerns, we’ve developed a list of the most frequently asked questions.   

Q: I am interested in applying for a LiftFund disaster relief loan. Is that possible at this time 

A: The demand for small business financing has been tremendous. At this time, we are not accepting loan applications. We encourage you fill out our COVID-19 relief loan interest form so we can inform you once the application re-opens.  

Q: I am interested in applying for a disaster relief loan in Bexar County. What should I do next?  

A: The Bexar County Small Business Loan Program provides 0% interest loans of up to $25,000 to help small businesses in Bexar County that have suffered financial losses as a result of COVID-19. This also includes a payment deferment for the first 120 days. You may find more information, including eligibility guidelines and application process here

Q: I am interested in applying for a disaster relief loan in the City of Corpus Christi. What should I do next?  

A: The City of Corpus Disaster Relief Loan Program provides 0% interest loans of up to $25,000 to help small businesses in the City of Corpus Christi that have suffered financial losses as a result of COVID-19. You may find more information about our loan program, including eligibility guidelines and application process here.  

Q: Why is LiftFund offering funding only in specific communities?  

A: As a nonprofit small business lender, LiftFund is proud to partner with financial institutions, government agencies, foundations and other organizations to provide business loans and education services to small business owners in the communities we serve. With support from our generous partners, we’ve designed special loan programs that help address specific needs and may also help reduce the interest rate of our loans. Such programs often include additional guidelines and restrictions specified by our partnering agencies, such as geographic areas or targeted populations. 

Q: I am interested in applying for the Paycheck Protection Program (PPP). What should I do next?  

A: The SBA has recently announced that the PPP funds have been exhausted, however there is a new federal small business relief bill being finalized in Congress that will provide additional funding for the Paycheck Protection Program to support small businesses. We are closely monitoring the bill and encourage you to fill out our PPP interest form so you can receive our latest updates. 

Q: I have already applied for the Paycheck Protection Program (PPP). Should I apply at another lending institution? 

A: If you have already applied for PPP at LiftFund or another lender and received confirmation of that application submission, the SBA recommends that you do not submit a second application. Doing so can delay the process and funding. 

Q: Why did LiftFund pull my credit?  

A: If you noticed a credit inquiry from LiftFund, that means your application has been received and it is currently being processed. We will reach out to you as we review your application. 

Q: What other resources does LiftFund offer?  

A: We have a variety of virtual learning opportunities for business owners to connect with fellow entrepreneurs, share insights, and learn from each other. Visit our events page to register today. 

LiftFund also offers business consultation sessions to help you brainstorm new ideas or share additional resources as available. Set up a consultation session by completing this form

Q: Are there other helpful links for small businesses? 

A: As you know, things change rapidly, and we encourage you to stay connected with relevant business organizations in your community. In addition, here are some helpful national resources:  

SBA: Small business loan resources  

U.S. Department of Labor: Unemployment Benefits Website by Department of Labor 

SCORE: Coronavirus small business hub  

Center for Diseases Control & Prevention: Interim Guidance for Businesses and Employers to Plan and Respond to COVID-19 

US Chamber of Commerce:  

Coronavirus best practices for small businesses 

Coronavirus workplace tips for employees 

Resources to assist small businesses 

Strategies for retaining customers 

For the latest information on COVID-19, visit the Centers for Disease Control here and your individual state and city public health services.