The program, called the Wharton 060 Loan Program, is specially for Wharton businesses damaged by the flooding. “We want to do everything so our impacted business regain ground, succeed and remain a vital part of our economy,” said Marshall Frances, president of Wharton Economic Development Corp., or WEDC. “The Wharton Chamber Small Business Relief Fund is the perfect partner for this program,” Frances added. Business and Community Lenders of Texas has set aside $1 mill. in relief loan money to be distributed locally in amounts no greater than $100,000. The businesses will have to be approved for credit to comply with the lending standards of BCL of Texas. The Wharton Chamber Small Business Relief Fund and WEDC are partnering to get this relief to the Wharton community, but, beyond the debt payment, will have no input into the judgment of loan approval. “We are happy to be getting a tool on the streets of Wharton that will assist our flood impacted businesses, said Chad Odom,
WEDC executive director. “We are blessed to have BCL of Texas as a partner to assist in our recovery.” The loan application can be found at whartonchamber.com. Odom noted that BCL of Texas — at the invitation of WEDCO and the Wharton Chamber of Commerce and Agriculture — has already assisted in bringing more than $250,000 in grants to the Wharton community. “The fundraising will be ongoing and we hope to have more grants going forward,” said Ron Sanders, president of the Chamber Small Business Relief Fund. “WEDCO made this commitment in good faith to our local impacted businesses in the hopes that the Chamber Relief Fund could find additional funding.” The additional funding can be used as a match for other funding sources.“That’s what we plan to do as we pivot into the next phase of recovery and expansion,” Sanders said.
For a link to the 0 to 60 Loan Program Application, please click here BCL Loan App (Wharton060)3