Small business loan program for Fort Bend County one step closer to being approved

$2 million will potentially be available for small businesses in Fort Bend County that were affected by the COVID-19 pandemic through the Regional Revolving Loan Program.

The program is in partnership with Fort Bend County and the Houston-Galveston Area Council. It was unanimously approved at the Feb. 8 Fort Bend County Commissioners Court meeting. The program will go before the H-GAC board of directors on Feb. 15 for approval and would be launched shortly after.

“The Triple R Program offers businesses within Fort Bend County that have been impacted by the COVID-19 pandemic an opportunity to apply for grants and loans that will help them recover, thrive and demonstrate resilience,” said Omar Fortune, small business financing manager for H-GAC, via email.

Businesses that are interested in the loan program will have to see if they qualify and then fill out an application to be considered. Eligible businesses must have either been significantly affected by the pandemic or be a new business that will contribute to the county’s economic recovery. An example of an affected business would be one that had to close due to the pandemic.

To promote equity and awareness, the program will be doing outreach to minority- and women-owned businesses, according to agenda documents.

A business may not receive funds over $1 million, according to agenda documents. The program will be available until Dec. 31, 2028, if approved. Applicants are encouraged to use Fort Bend County’s small business emergency grant consultant for help with their applications once they are available.

The loans are intended to cover things such as rent, mortgages and payroll for the businesses as a way to help them recover.

“This is the first of its kind in the state that I'm aware of. Hopefully other jurisdictions will follow our lead,” Precinct 3 Commissioner Andy Meyers said.