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Upcoming COVID-19 Emergency Assistance Loan

San Benito EDC Announces Upcoming COVID-19 Emergency Assistance Loan

PRESS RELEASE

June 4, 2020

San Benito, TX

San Benito EDC Announces Upcoming COVID-19 Emergency Assistance Loan

The San Benito Economic Development Corporation announces the programming of $100,000 for a COVID-19 Emergency Assistance Loan that was recently approved by the EDC Board of Directors on Wednesday, May 27, 2020 & received final approval by the City of San Benito City Commission on Tuesday, June 2, 2020.

This program’s purpose is to provide working capital for personnel costs, rent, utilities, etc. for existing small businesses within the city limits of San Benito, TX.

The EDC Board of Directors and San Benito City Commission are in support of this loan assistance program, yet there is still a sixty (60) day comment period that needs to be completed. Upon the expiration of the sixty (60) comment period and final approval by the San Benito City Commission the EDC plans to start accepting application around mid-August 2020. Applications will be considered monthly by the EDC Board of Directors until December 31, 2020 or until funds are depleted, whichever comes first.

This program will be available as a last resource, therefore, the applying business must have applied and been denied by the Small Business Administration on any COVID-19 related loan applications.

The terms & conditions of the COVID-19 Emergency Assistance loan are the following:

· Loans amounts will not exceed $10,000;

· The loans will have a 36 month repayment schedule and will not be charged interest if paid in full by the maturity date;

· A promissory note will be executed;

· Approved loans will have a payment deferment of twelve (12) months.

“As the business community are reopening their businesses, the EDC wants to ensure that a program is in place that will supplement the resources that the business owner have available.” "With strong support by the EDC Board of Directors and City of San Benito City Commission we are certain that this is a good loan assistance program that can be of great help to our thriving business community” said Rebeca Castillo, EDC Executive Director.

For the proposed loan assistance program detail and comment period opportunity please contact Victoria Padron, Economic Development Specialist, via phone at (956) 626-1350 or email at vpadron@sanbenitoedc.us

For any specific questions in reference to this press release, please feel free to contact Rebeca Castillo, EDC Executive Director, via phone at (956) 626-1350 or via email at rcastillo@sanbenitoedc.us

COVID-19 Emergency Rent Subsidy Program

San Benito EDC Announces COVID-19 Emergency Rent Subsidy Program

PRESS RELEASE

June 3, 2020

San Benito, TX

San Benito EDC Announces COVID-19 Emergency Rent Subsidy Program

The San Benito Economic Development Corporation announces the programming of $100,000 for the COVID-19 Emergency Rent Subsidy Program that was recently approved by the EDC Board of Directors on Wednesday, May 27, 2020 & received final approval by the City of San Benito City Commission on Tuesday, June 2, 2020.

This is a temporary program that the EDC will be accepting applications between June 15, 2020 and September 30, 2020. Applications will be considered monthly by the EDC Board of Directors until September 30, 2020 or until funds are depleted, whichever comes first.

New businesses that have opened and/or will open between October 1, 2019 and September 30, 2020 and have a minimum of a one (1) year lease will be able to receive rent assistance for six (6) months with the first three (3) months being reimbursed at 100% and months four (4), five (5), and six (6) being reimbursed up to 50% for six (6) with a maximum of $850 per month for a total not to exceed $5,000.

Past Rent Subsidy Recipients Under the COVID-19 Emergency Rent Subsidy Program the San Benito EDC will also offer past rent subsidy recipients (those awarded between February 2018 to present) with up to 50% rent reimbursement for six (6) months and with a maximum of $850 per month for a total not to exceed $5,000.

Rebeca Castillo, EDC Executive Director said “The EDC has been monitoring and evaluating the current situation and how to best assist the business community.” she also added that “this program is strategic where the EDC is ensuring that its dollars are being maximized and provided to those business that mostly need it.”

Julian Rios, EDC President, stated “During this time of uncertainty we want to provide our business community with this assistance that will allow them to keep their businesses open in our community. Also, on behalf of the Board of Directors, I would like to thank our San Benito City Commission for supporting this program, we appreciate their leadership and commitment to the betterment of our city.”

For eligibility and application process and upcoming Information Sessions please contact Victoria Padron, Economic Development Specialist, via phone at (956) 626-1350 or email at vpadron@sanbenitoedc.us

San Benito SALES TAXES HIT OVER $5MILLION MARK

San Benito sales taxes hit over $5 million mark

1/17/2020

By J. NOEL ESPINOZA
Special to the NEWS

With nearly a half-million more in sale taxes revenues in 2019, San Benito’s economy is expanding with more businesses in the downtown area and a call center employing more than 120 employees.

Rebeca Castillo, Executive Director of the San Benito Economic Development Corporation, said 2019 has definitely been a better year than the previous one.

“We closed the year, in total up to December, in terms of activities our allocations of funds increased by half-a-million dollars compared to 2018,” Castillo said.

Castillo said the increase of sales tax revenues indicates the growing number of small businesses and a large employer that recently moved to town.

“It’s a mix-thing,” she said. “We do have over 22 more small businesses in downtown.”

With rent and facade grants available to new small businesses, Castillo said the city has been able to increase its tax coffers and provide some businesses with money to open up new ventures in the area.

“That’s been a good opportunity for small businesses to open shop,” she said. “That has created a little bit more, I guess, more options for the local community.”

According to a January 2020 sales tax report released by the Texas-State Comptroller of Public Accounts, the Resaca City took in $76,602.10 more in sales taxes last November when compared to Nov. 2018.

San Benito closed December 2019 hitting the over $5M mark, with $451,533.69 additional sales tax dollars in 2019 compared to 2018.