Empowering Elsa’s Small Businesses with Affordable Capital
The Lift Elsa Incentive Program offers 2.5% interest loans up to $50,000, helping local businesses grow and thrive.
Loans that Lift Elsa Higher
Welcome to the Lift Elsa Incentive Program, a new initiative by the Elsa Economic Development Corporation (EDC) in partnership with LiftFund. Our goal is to provide small businesses in Elsa with the financial support they need to thrive. Through this program, we’re offering loans of up to $50,000 with a 2.5% interest rate to eligible businesses within the city limits. Whether you’re a startup or an established business looking to expand, the Lift Elsa Incentive Program is here to help you grow.
Small businesses are at the heart of Elsa, and we’re proud to offer this program as part of our ongoing commitment to supporting local entrepreneurship, creating jobs, and fostering economic development in our community.
Program Highlights
Reasons why small businesses should apply.
Loans up to $50,000:
Eligible small businesses can receive loans at a 2.5% interest rate.
Eligibility:
Open to both startup and established businesses operating within Elsa city limits.
Low Fees:
A commitment fee of up to 5% may apply, but businesses will not pay interest on the loan.
Job Creation:
Our goal is to help businesses create or retain at least 8 jobs within the first year.
Target Impact:
By lowering borrowing costs, we are empowering businesses to focus on growth and sustainability.
How to Apply
Ready to take the next step?
Click the link below to apply through LiftFund, or reach out to the Elsa EDC and/or Lift Fund office for more information and support
How It Works
Eligibility: To qualify, businesses must be located within the city limits of Elsa, Texas, and be in good standing with creditors. Both startups and established businesses are welcome to apply.
Loan Terms: Loans are available up to $50,000 with a maximum interest rate of 12.5%. However, through the Lift Elsa Incentive Program, the interest will be reduced to 2.5%.
Application Process: Applications will be processed through LiftFund, which will assess each business based on their credit criteria.
Approval: Once approved, businesses will receive loans with the interest rate reduction applied for the duration of the loan, as long as program funds remain available.
Why Apply?
Small businesses are at the heart of Elsa, and we’re proud to offer this program as part of our ongoing commitment to supporting local entrepreneurship, creating jobs, and fostering economic development in our community.
Lift Elsa Incentive Program FAQ
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The Lift Elsa Incentive Program is a partnership between the Elsa Economic Development Corporation (EDC) and LiftFund. It is designed to help local small businesses access affordable capital by reducing the interest rate on eligible loans to 2.5%. This initiative aims to support business growth, job creation, and economic stability in Elsa.
Eligibility for the program is open to small businesses located within the Elsa city limits. Both startup and established businesses are welcome to apply. To qualify, businesses must:
- Be in good standing with creditors
- Have been operational for at least six months (if an established business)
- Other criteria may apply
Once approved for a loan through LiftFund, eligible businesses will benefit from an interest rate reduction that lowers their rate to 0% for the duration of the loan, as long as program funds are available. This allows businesses to focus on growth without the burden of high-interest repayments.
- Be in good standing with creditors
- Have been operational for at least six months (if an established business)
- [Any additional eligibility criteria]
The program offers loans of up to $50,000 for eligible businesses. [Any additional funding limits]
- Be in good standing with creditors
- Have been operational for at least six months (if an established business)
- [Any additional eligibility criteria]
Before the interest buy down is applied, the maximum interest rate a business may face is 12.5%. After the buy down, the rate will be reduced to 0% for the approved businesses.
The program is open to a wide range of small businesses in the city of Elsa. This includes [types of businesses or industries that qualify]. If you are unsure whether your business qualifies, contact the Elsa EDC or LiftFund for assistance.
- Be in good standing with creditors
- Have been operational for at least six months (if an established business)
- [Any additional eligibility criteria]
There is a commitment fee of up to 5% associated with these loans. [Any other fees or terms]
- Be in good standing with creditors
- Have been operational for at least six months (if an established business)
- [Any additional eligibility criteria]
The goal of the program is to support 6 small businesses within the first year, with a total loan disbursement of approximately $150,000. [Confirm or update]
- Be in good standing with creditors
- Have been operational for at least six months (if an established business)
- [Any additional eligibility criteria]
The reduced interest rates will lower your borrowing costs, allowing you to reinvest in your business. The program is designed to improve your business’s cash flow, support job creation, and help your business grow in a sustainable way.
- Be in good standing with creditors
- Have been operational for at least six months (if an established business)
- [Any additional eligibility criteria]
Interested businesses can apply directly through LiftFund, which will handle the loan approval process. For more information on the application process, contact LiftFund at [insert contact information] or visit [LiftFund website link].
- Be in good standing with creditors
- Have been operational for at least six months (if an established business)
- [Any additional eligibility criteria]
The Lift Elsa Incentive Program will be active from October 1, 2024, through September 30, 2025. [Confirm if this timeline is accurate or if there’s room for extensions]
- Be in good standing with creditors
- Have been operational for at least six months (if an established business)
- [Any additional eligibility criteria]
For more details or assistance with your application, you can reach out to the Elsa EDC at [insert contact information] or LiftFund at [insert contact information]. We also offer informational sessions and one-on-one consultations to help guide you through the process.
- Be in good standing with creditors
- Have been operational for at least six months (if an established business)
- [Any additional eligibility criteria]
Loan recipients will be asked to provide periodic updates to ensure that the program goals are being met, including job creation and capital usage. [Insert specific reporting frequency and details]
We are always exploring ways to support local businesses, and similar programs may be available in the future based on demand and the success of the current initiative. Stay connected with the Elsa EDC for updates on future opportunities.
- Be in good standing with creditors
- Have been operational for at least six months (if an established business)
- [Any additional eligibility criteria]