South San Antonio News

The City of San Antonio, in partnership with LiftFund, has announced a historic investment of $2 million to support local small businesses. This investment is aimed at strengthening the city's small business landscape and promoting entrepreneurial growth.

The initiative is a relaunch and expansion of the acclaimed Zero Percent Interest Loan Program, which offers interest-free loans of up to $100,000 to eligible small businesses. The program is designed to provide financial support to small businesses and reduce barriers to accessing capital.

Mayor Ron Nirenberg expressed his enthusiasm for the increased investment in the program, stating, "The City's increased investment for the program reduces a barrier for businesses to access capital at a pivotal time for their growth and success. Investing in our small businesses embodies our commitment to fostering innovation, generating employment, and bolstering the city's economic well-being."

The funding for this program comes from the Fiscal Year 2024 general fund and ARPA, along with a match from LiftFund and Wells Fargo. This represents twice the amount allocated for the program in the last fiscal year and four times more than previous years' allocations.

Laurie Vignaud, President and CEO of LiftFund, expressed her gratitude for the partnership with the City of San Antonio, stating, "Celebrating LiftFund's 30th anniversary, this year's zero-interest loan program launch signifies our steadfast commitment alongside the City of San Antonio to strengthen and elevate the local small business community. Our gratitude extends to Wells Fargo for augmenting our mission, helping us set the stage for a year filled with substantial growth and prosperity."

The program offers loans ranging from $500 to $100,000 to small businesses in San Antonio. These loans can be used for a variety of business needs, including expansion, startup costs, staffing, and daily operations. The eligibility criteria for the program focus on businesses that have not previously benefited from this program in the past two years and those unable to secure conventional financing.

Since 2016, the City of San Antonio's Zero Percent Interest Loan Program has distributed over $7 million in interest-free capital, supporting local businesses and contributing to the creation and retention of nearly 1,500 jobs. This new investment aims to alleviate financial burdens and catalyze sustainable growth for small businesses in the city.

Small business owners who are interested in the program are encouraged to visit LiftFund's website to learn more about the eligibility criteria and application process.

This historic $2 million investment represents a significant step forward in supporting local small businesses and promoting economic development in San Antonio. By providing interest-free loans and reducing financial barriers, the city and its partners aim to empower entrepreneurial spirit, drive economic growth, and enhance the vitality of the business landscape.