Texas Micro-Businesses Recovery After Flood
Governor Greg Abbott has announced a new funding opportunity for Texas micro-businesses impacted by catastrophic flooding through the Texas Micro-Business Disaster Recovery Loan Program. This initiative offers up to $5 million in zero-interest loans to help small businesses recover. With funding available until August 2025, community development financial institutions are encouraged to assist micro-businesses in navigating this crucial aid. As severe weather continues to affect the region, local authorities prioritize safety while supporting economic resilience.
In the Lone Star State, we know how to roll with the punches, especially when it comes to tough times. Recently, Governor Greg Abbott announced a fantastic new opportunity for micro-businesses that have been hit hard by catastrophic flooding. We’re talking about up to $5 million in funding through the Texas Micro-Business Disaster Recovery (MBDR) Loan Program. This is some welcome news for our small but mighty businesses!
The MBDR Loan Program is designed to lend a helping hand to micro-businesses located in communities that have faced flooding disasters, as recognized at the local, state, or federal levels. This aid comes at a crucial moment, as many of these small shops struggle to bounce back after the heavy rains that have experienced devastating impacts.
Governor Abbott made it clear that Texas is committed to reminding families and businesses that they’re not alone during these tough times. This program offers zero-interest loans to approved community development financial institutions (CDFIs) that will partner with micro-businesses with 20 or fewer employees. You can bet this support is a game-changer for those struggling to access capital in the wake of a declared disaster.
The state’s economic development and tourism office is in charge of rolling out this initiative. They encourage community development financial institutions to step up and take part in the program so they can help those micro-businesses qualify for the funds they so desperately need. Currently, there is a list available on the Texas government website showcasing which CDFIs have been approved to participate.
It’s worth noting that businesses will be able to get funding through this program until August 31, 2025. That gives communities some time to regroup after the heavy rains. Also, any interest and fees that arise from the loans made by participating CDFIs will belong to those CDFIs – not the state. It’s a win-win situation!
Just recently, the National Weather Service reported something quite alarming – the Lampasas River rose a staggering 33 feet in just 4 hours. By early Sunday morning, up to 6 inches of rain had fallen in Lampasas County. Imagine that level of water rushing through your community! Mandatory evacuations were enforced in areas south of the San Saba River and other stressed regions, giving everyone a clear heads-up to stay safe. As a precaution, out in Travis County, any recreational use of waterways has been banned due to hazards lurking underneath the floodwaters.
Signs of flooding are present across numerous counties, with extensive road closures affecting daily commutes. It’s essential to heed those warnings – “Turn around, don’t drown” should be on everyone’s mind when navigating through these weather-beaten roads. Local authorities are already working on solutions to restore road access, but the damage to infrastructure and utilities is extensive.
Sadly, wrapping up this painful chapter, it’s reported that over 80 fatalities have occurred, with ongoing rescue operations still in place for those still missing. The community has rallied, but it’s always a tough pill to swallow when situations like these unfold.
In light of these events, it’s crucial for micro-businesses to connect with their preferred CDFI to determine eligibility for the MBDR program. With this initiative stepping up during challenging times, the spirit of Texas remains unbroken, and together we can navigate the storm.
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