Applications opened Aug. 12 and will close Aug. 26, and businesses located with Buda's extraterritorial jurisdiction are also eligible.
According to a press release issued by the city, the Buda Economic Development Corp. partnered with the Small Business Task Force to provide $100,000 for the program.
The value of awarded loans will be determined by the business's current needs, physical location and the availability of funds.
Eligible expenses for the loans include payroll, rent, utilities, cost of goods sold, inventory and other normal expenses laid out in the program's guidelines.
To be eligible for loan forgiveness, the business must meet the following criteria:
- The business must create or retain at least one full-time job within three months of receiving funds.
- The applicant must stay in business for at least six months past the application's submittal date.
- A loan agreement must be signed by the applicant as an individual borrower.
- The business type cannot change during the terms of the loan agreement once the funds are accepted.
