Small Business Emergency Microlending Program

The Small Business Emergency Microloan Program was created through a grant from the Texarkana Area Community Foundation. Its purpose is to help small business owners continue operations despite financial setbacks in the form of damage, incidentals, and unforeseen expenses. These unforeseen expenses may not seem like much to many, but to a business owner already struggling to keep their doors open, these unforeseen expenses can be the final straw that causes their business to shutter. We want to provide microloans to the business owners, and give them a low-interest option when traditional lending might not work.

Loans can be issued for up to $500, and will be paid back within 12 months of the loan issuance at a rate of the10-year treasury rate + 1%. Businesses qualify as long as annual revenue does not exceed $1 million and there are no more than 25 employees.

Allowable expenses will include materials, contractor fees, working capital, inventory, supplies, furniture, fixtures, machinery, equipment, and miscellaneous expenses associated with keeping the doors of a business open. There will be an immediate need proven by the applicant, and tangible expenses shown on a bid/quote/invoice/etc.

Please note: There is some flexibility in this program, if the need exceeds the program specifications as written. Please get in touch with us to discuss your situation and how we might help. 

For more information, please contact Lisa Thompson, Economic Development Administrator at (903) 798-1743.