Katy Area EDC partnering with local banks to offer Business Recovery Loan program
27 Mar 2020
The impact of COVID-19 on Katy area businesses has prompted the Katy Area Economic Development Council to partner with Katy area banks to reinstate a Business Recovery Loan program which was implemented during Hurricane Harvey.
“For the COVID-19 Loan Program, TDECU is participating to provide low-interest loans to help impacted businesses responding and/or recovering from economic damages that need gap financing,” said Lance LaCour, President/CEO of the Katy Area EDC. “The program is based on a national loan program model developed by the Galveston Economic Development Partnership.”
LaCour also noted that all banks and financial institutions in the Katy area/West Houston are welcome to join and help grow the critically important program.
The program provides a short-term (180 day) low-interest (fixed rate - 3.25% APR) single-pay note. The APR (Annual Percentage Rate) will be offered for a limited time (through June 30, 2020) and is intended to provide gap financing for businesses awaiting insurance, SBA or other funding for their long-term recovery.
Participating banks envision extending the loans throughout their customer base with the hope of other banks joining to expand the program throughout the impacted region, expediting the economic recovery of local communities.
For further information on the COVID-19 Business Recovery Loan program, contact Angie Thomason at firstname.lastname@example.org or 281-396-2208. You can also visit katyedc.org or contact the participating bank noted below.