A small business recovery initiative of $10 million was announced at a press conference Tuesday by The Community Foundation of the Texas Hill Country.
Austin Dickson, executive director of the Community Foundation, told the gathering at the Dallas Daughtry Memorial Pavilion that a total $150 million has been donated to support recovery efforts across the region.
“Since July 4, this community and people all over the world have stepped up in extraordinary ways,” Dickson said. “Recovery begins with respect for what was lost and it continues with respect for what comes next.”
He said recovery efforts depend on a stable local economy and its small businesses. Dickson said the Community Foundation has partnered with the LiftFund, a San Antonio-based nonprofit community lender, to administer $10 million in small business disaster relief funding.
Next to the podium was Amy Hereford, CEO of LiftFund, who spoke directly to small businesses.
“These funds are because people believe in you. These funds are because people believe in this community. You are pivotal to the comeback of this community. This community has incredible assets in the people that live here. The humility and pride you displayed are unmatched in the disasters that LiftFund has served over the last 30 years,” she said. “It is imperative that you come to get the support you need. Our data shows you need it, you will need it and it is important for the community comeback that you come and receive these funds that were generously donated to you.”
Even if a business has previously received disaster funding, Hereford said, they may be eligible for additional support based on documented needs.
“This $10 million initiative is designed to deliver fast, flexible financial assistance to small businesses impacted by the flood,” she said.
After the press conference, Hereford clarified that the funding was a combination of grants and loans. Companies can receive up to a $50,000 grant and a zero percent interest loan up to $500,000.
“The goal is not just to help businesses survive, but to give them a real path forward,” she said.
Kerrville Economic Development Corporation Executive Director Todd Bock said small businesses are the backbone of Kerr County.
“In the aftermath of the flood, many businesses faced extended closures, with loss of revenue and loss of inventory, and a feeling of hopelessness,” Bock said. “That kind of disruption creates a ripple effect of disparity across our entire community.”
He said access to flexible, affordable capital is crucial for small business recovery, and with help from organizations like LiftFund, the economy has a real chance to stabilize.
“We’re very happy to announce that LiftFund will have a permanent location in the Kerr Together Disaster Recovery Center, located at 98 Coronado,” Bock said.
Karen Taylor, executive director of the West Kerr County Chamber of Commerce, said many rural and family businesses operate with limited margins in normal times.
She said more than 100 businesses in Hunt and Ingram were impacted by the extended closures, loss of revenue and delayed reopening.
“This funding is a lifeline for these businesses that make our towns run,” Taylor said.
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