PHARR, Texas - Pharr Economic Development Corporation has partnered with LiftFund to support small business owners and entrepreneurs with funding to reach their business goals.
City and EDC leaders say it is a “groundbreaking initiative” that aims to tackle two major hurdles faced by small business owners in Pharr – the availability of capital and maintaining healthy cash flow.
Pharr EDC President Victor Perez said that under the new program small business owners have an opportunity to secure reduced interest rate loans at just 2.5 percent. He said the program will thus foster growth and prosperity within the local business community.
“The Pharr Economic Development Corporation and LiftFund are partnering to support small business owners and entrepreneurs with funding to reach their business goals,” Perez said.
Marlene Rodriguez, LiftFund’s market director, said the partnership between LiftFund and the PEDC will “revolutionize access” to financing for small businesses in Pharr.
Through the new program, she said, entrepreneurs can benefit from loans at an “exceptionally low” interest rate of 2.5 percent, addressing the challenges of capital acquisition and cash flow management.
By providing affordable financing options, Rodriguez said, the program is designed to foster entrepreneurship, promote innovation, and bolster the economic landscape of Pharr.
“We are honored to partner with the City of Pharr and the Pharr Economic Development Corporation to provide business owners the opportunity to access affordable funding while maintaining a steady cash flow,” Rodriguez said.
“Through this partnership, we are thrilled to offer a special 2.5 percent interest rate on small business loans to strengthen the Edinburg small business community.”
Rodriguez elaborated on how the partnership with Pharr EDC works.
“In the Rio Grande Valley, Liftfund makes loans of up to $500,000 available to dedicated and hardworking small business owners, including women and minorities. This interest buy-down program is an effective way to attract businesses to the city of Pharr and to help small business owners qualify for loans,” Rodriguez said.
“Providing loan funds with 2.5 percent interest significantly lowers a borrower’s costs over the life of the loan. This reduction in the cost of the loan allows LiftFund, Inc. to provide loans to small business owners who would not otherwise qualify for business funding. The funds will be used to offset the cost of interest when providing loans of up to $50,000 for new and existing businesses.”
By leveraging the initial investment, the partnership is projected to provide hundreds of thousands of dollars in loans, bolstering the local business ecosystem and driving economic growth within Pharr. The program is set to run into 2024, offering small business owners an extended opportunity to apply and benefit from this unique financing initiative.
Pharr EDC and LiftFund held an Informational Session at Pharr Memorial Library on Aug. 1. At the event, small business owners learned how to apply for the loans, who qualifies, how the funding can be used, the program requirements, what the process is, and to meet LiftFund’s Rodriguez.
“Thank you for joining us today to learn more about the small business opportunities available for new and existing businesses in Pharr,” said Karina Lopez, economic development manager for Pharr EDC. “I would like to give a shoutout to LiftFund US and their local representative, Marlene Rodriguez for the presentation.”
For more information call Pharr EDC at (956) 402-4332 and/or LiftFund at (956) 299-2551. Lopez also steered small business owners to this website: http://pharredc.com/liftfund-loan-program/
