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
times.

An informational webinar organized by the Lubbock Chamber of Commerce is scheduled for
October 1 st at 10am – registration information is:
https://zoom.us/meeting/register/tJIqcO-urTgpGtC1VvNl1V6CSF0CoQyaCmjr

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!

CONTACT INFORMATION:
[email protected]