Keep your Business Open with SPAG CORE

Covid-19 Small Business Relief

The South Plains Association of Governments (SPAG) has received a $4 million grant from the
U.S. Department of Commerce (Economic Development Administration) to operate a COVID-19
relief loan program.

The SPAG CORE (Covid Relief) program is for small businesses impacted by COVID-19, who are
seeking fixed and low interest working capital loans. The program was established to help
existing small businesses (2-years or older) sustain their business operations during these trying

An informational webinar organized by the Lubbock Chamber of Commerce is scheduled for
October 1 st at 10am – registration information is:

CORE Lending Criteria
The lending area will be limited to businesses located in the 15 SPAG Counties.

Lending Limits –most applicants are expected to apply for $25K, $50K, $75K, or $100k loans.

Loan proceeds must be utilized for working capital, payroll, utilities, mortgage payments, or
rent. There is a potential to request higher loan amounts, but it will be on a case-by-case basis
depending on the type of business.

Rates – 2.44% fixed interest rate (set by EDA) with a term of no longer than 10-years.
Once loans have been funded, the loan will be placed on an automatic 6-month moratorium on
principal payments. Once the 6-month moratorium ends, borrowers will be required to start
monthly principal and interest payments.

SPAG is excited to support the small business community throughout the South Plains region!


Scroll to Top