Support Lubbock Fund

Support Lubbock Fund

Program Status: Announced April 22, 2020; funding deployed by mid-May 2020. APPEARS CLOSED/EXPIRED

Partners: Lubbock Economic Development Alliance (LEDA), Market Lubbock, Inc., and South Plains Association of Governments (SPAG)

Total Funding: $2 million

Geographic Scope: City of Lubbock limits only

Focus Areas:

COVID-19 pandemic economic relief

Working capital for small businesses

Eligible Uses:

Working capital

Operations

Rent

Utilities

Payroll

Inventory

Eligibility Requirements:

Minimum gross revenue of $100,000 for 2019

Maximum gross revenue of $5 million

Business located within Lubbock City limits

Award Amounts (Based on Business Size):

$60,000 maximum for businesses with more than $2.5 million in gross annual revenue

$40,000 maximum for businesses with $500,000-$2.5 million in gross annual revenue

$20,000 maximum for businesses with less than $500,000 in gross annual revenue

Loan Terms:

First-come, first-served basis

Begins as a loan with 4% interest rate

Maximum 5-year term

During first year, business pays only interest due

Potential for partial or full loan forgiveness in first year depending on circumstances

Contact Information:

Application at spag.org

Contact LEDA: 800.687.5330 or hello@lubbockeda.org