BCIC announces forgivable loans for small businesses

The Brownsville Community Improvement Corporation and the city of Brownsville have joined forces to launch the Brownsville (Re)Open for Business Forgivable Loan Program using $500,000 in Community Development Block Grant funds from Housing and Urban Development and $450,000 from BCIC.

The zero-percent-interest, forgivable loan program is aimed at providing relief to local small businesses suffering due to the pandemic. Micro-loans up to $10,000 will be awarded to qualified applicants.

“Our small businesses in Brownsville are one of the things that makes our city so unique, and we know they have been hit hard during this unprecedented time,” said BCIC Director of Community Development Cori Peña. “These forgivable loans are a crucial step towards helping our small businesses recover from the COVID-19 crisis.”

For complete information on the loan program and how to apply go to brownsvilleedc.org.