Fort Worth program providing microloans to small businesses

Fort Worth businesses may be eligible for a new microloan program that aims to provide at least $850,000 in COVID-19 relief.

Through a partnership with PeopleFund, the city of Fort Worth Business Resiliency Microloan Program can help businesses cover payroll, fixed debts or other bills that will not be paid due to the coronavirus pandemic.

“Fort Worth’s small businesses are one of the things that makes our city so special, and we know they have been hit hard during this unprecedented time,” Fort Worth Mayor Betsy Price said in a city news release. “As our community continues to rally around our small businesses, this program will provide them with some much-needed support and relief.”

Businesses may be eligible if they have an established physical address in the city of Fort Worth and are current with city and county property taxes. Loan terms may include a zero interest rate and no payments for the first six months, among other benefits.

Applicants for the Business Resiliency Microloan Program must apply for available federal assistance before seeking assistance through the program, according to the release. Funds for the program are available through a Texas COVID-19 Relief Fund established by PeopleFund and $350,000 in loan capital through the Fort Worth Loan Development Corporation.

“The best support that we can provide for Fort Worth’s businesses right now is funding,” said Robert Sturns, city of Fort Worth economic development director. “Our hope is that this relief will help ease some of their financial burden and allow Fort Worth businesses to keep their basic necessities afloat, from their employees to their buildings to paying their bills.”

Eligible Fort Worth businesses can apply for the microloan program through the PeopleFund website.