The Weslaco Economic Development Corporation has awarded 37 local businesses with financial assistance from its small business loan/grant program.
The program was announced in early May to help small businesses cope with the fallout of COVID-19 hardships. The EDC said the loan/grant program helps with payroll, mortgage, rent, utilities and basic operation costs.
“The growing economy in Weslaco has based its success on the traditions set by our small business owners,” said Juan J. Serrano, the EDC’s board president. “It is essential that we help them survive this pandemic.”
An announcement of the recipients of the Weslaco Small Business Recovery Assistance Loan/Grant Program took place in late May. Each business can receive up to $5,000 of assistance. There is also a forgivance of all loan money repayment if recipients use the funds in compliance with criteria set forth in the program application.
Small businesses, tight budgets
Lionel’s Western Wear is one of the recipients, and its longtime owner, Sandy Pena, expressed support for both the program and the efforts of the EDC.
“I’m grateful for their support,” Pena said. “It’s good that the EDC could step up in this way and help small businesses in Weslaco when they are in great need of assistance.”
Among the other Weslaco businesses receiving assistance through the program are Busy Bristles Art Studio, Minga’s Legacy Barber Shop, All American Trucking, Ultimate Do Spa & Salon, and Weslaco’s Daily Grind.
“Many of these small businesses operate on tight budgets,” said Sonja De La Fuentes, an EDC board member. “They pay the next month’s bills with this month’s sales, so the recovery assistance program came at just the right time.”
The EDC set aside $200,000 to assist as many as 40 small businesses.