Sign up for TPR Today, Texas Public Radio's newsletter that brings our top stories to your inbox each morning.
A San Antonio-based nonprofit community lender is now offering immediate disaster relief for small businesses impacted by the catastrophic flooding in Kerr County and surrounding counties. The assistance will come through grants and interest-free loans.
LiftFund has launched the Hill Country Emergency Grant Program and the Hill Country Disaster Relief Loan Program as part of its Hill Country Disaster Recovery Initiative. It’s mobilizing more than $1.6 million in emergency funding from the Community Foundation of the Texas Hill Country, Wells Fargo, Methodist Healthcare Ministries, and H-E-B.
The initiative will provide grants of up to $10,000 and loans of up to $50,000 with 36-month terms for small businesses impacted by the recent floods.
LiftFund President and CEO Amy Hereford estimated about 40% of small businesses will have to close their doors if they can’t get access to capital within two weeks of a disaster. The same may happen to another 25% of small businesses within a year. The nonprofit aims to keep communities intact by getting funding to small businesses quickly.
“There’s got to be faster funding for these small businesses,” Hereford said. “We just don't want to lose the fabric of what's supporting the backbone of the entire nation, which is these small businesses.”
Hereford said she hopes LiftFund becomes a model to the rest of the country for quick disaster relief efforts for small businesses. She said LiftFund currently has enough funding available to provide aid to about 300 small businesses.
Both grant and loan funds can be used to replace lost inventory, cover expenses resulting from temporary closures, support flood-related cleanup, and maintain essential business functions.
“When we talk about supporting small businesses, we’re really talking about making sure that individuals that live in that community have peace of mind,” Hereford said. “It will unravel a community if we don’t support small businesses quickly after a disaster.”
Hereford said the nonprofit is continuously fundraising to offer continued support to small businesses in the Hill Country and is accepting donations from the public and businesses.
“We of course hope that the wonderful communities that were affected by this disaster will get to stay intact, will come out better on the other side, and that the small business owners and the families that they support will flourish,” Hereford said.
LiftFund has helped small businesses after other disasters like Hurricanes Katrina, Harvey and Ike and the COVID-19 pandemic. Hereford said LiftFund’s hearts are with the small businesses impacted by the floods.
“We are going to help build them back to become stronger, and we’re going to do it quickly,” Hereford said. “We have done this for 30 years and will continue to be lifelines for these small businesses.”
Jaime Wesolowski, the president and CEO of Methodist Healthcare Ministries, said they will meet not just the immediate and essential needs those impacted but will also help them begin the process of rebuilding their devastated lives and communities.
“We are proud to support critical organizations doing important disaster relief and recovery work,” Wesolowski said. “Together, we can help advance the recovery for the people and places that are grieving and beginning the journey to rebuild a brighter future.”
Small business owners impacted by the floods can find more information here or by calling 888-215-2372.
