Marble Falls City Council and the Economic Development Corporation unanimously approved Phase 1 of a COVID-19 loan program during a special joint teleconference on Thursday, March 26.
The program allows loans to local businesses of up to $ 10,000 interest-free for the first three years. EDC’s finance committee will approve and review loan applications.
The aid is intended to serve as bridging loans for local businesses during the COVID-19 pandemic while the federal government expands its relief program.
“I think if you can do it for as little interest as possible, it will be the most useful,” said EDC director Linsday Plante.
The program will use $ 100,000 of EDC funds to finance the loans. The initial amount could be increased in future phases.
“I hope these businesses we are helping can reactivate the sales tax,” said Marble Falls Mayor John Packer, referring to the sharp drop in sales taxes the city is planning after the Burnet County Stay-at-Home Order.
More information about the program and an application form are available on the EDC website.