SPAG CORE Loan Program
SPAG’s CORE Loan Program is available to small businesses that have been affected by the COVID-19 Pandemic. Businesses must provide information on how they have been impacted by the COVID-19 Pandemic. Job creation and retention information will be requested.
SPAG CORE loans are available in the following Texas counties: Bailey, Cochran, Crosby, Dickens, Floyd, Garza, Hale, Hockley, King, Lamb, Lynn, Lubbock, Motley, Terry, and Yoakum.
COVID-19 Related Criteria
- Information on how COVID-19 Pandemic has impacted the business will be required.
- Job Creation & Retention information will be requested.
ELIGIBLE USE OF FUNDS
- Working Capital
- Payroll, utilities, rent, and other expenses related to ongoing business and/or COVID-19
- Professional fees — legal closing fees can be rolled into financing
Terms & Interest Rate
- Terms between 5 and 10 years
- Fixed Interest Rate 2.44-5.00%
- No pre-payment penalty
Required Application Documents
- SPAG CORE Application form
- 2 years of Business Tax Return
- Interim Financial Statements (P&L + Balance Sheet)
- Personal Financial Statement for each owner over 20%