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City plans to use CARES Act money for local businesses

The city is working on enlisting the services of a local business or organization to help facilitate a loan program for small businesses.
City Hall
City Hall(KGNS)
Published: Jun. 30, 2020 at 10:34 PM CDT
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LAREDO, Tex. (KGNS) - The city is working on enlisting the services of a local business or organization to help facilitate a loan program for small businesses.

With federal CARES Act money, the city plans to create a revolving zero percent loan program for local businesses, which is something they will need help creating and maintaining.

At last week’s council meeting, it was proposed the city hire LiftFund for roughly $220,000. The non-profit is said to be assisting other cities like San Antonio.

However, after a council member expressed disapproval over the cost, management was directed to find a less expensive alternative and someone local, that way the money stays invested in the community.

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