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

Application Process

Submission: Applications submitted through spag.org on first-come, first-served basis

Required Information:

• Gross revenue documentation for 2019
• Business location verification within Lubbock City limits
• Details on intended use of funds

Contact for Information:

• Website: spag.org
• LEDA Phone: 800.687.5330
• LEDA Email: hello@lubbockeda.org

Webinar: Informational webinar held April 22, 2020 at 3 p.m. with LEDA CEO John Osborne and Lubbock Chamber of Commerce President Eddie McBride