(July 17, 2024) – In the wake of Hurricane Beryl, LiftFund mobilized to try and raise $4.5 million in funding to seed loan programs aimed at helping small businesses in Houston and other declared disaster areas. Within the first week, LiftFund secured the necessary capital to launch the Beryl Relief Loan program – an initiative that will offer interest-free loans up to $35,000 to provide critical relief to Houston’s small business community during this challenging time.
The new loan program was made possible in large part to lead funder, Wells Fargo and their generous $250,000 grant contribution.
“Small businesses are the backbone of our communities, and it’s devastating to see the strain the storm has put on their operations,» said Tyler Smith, Wells Fargo Senior Vice President Philanthropy and Community Impact. “During disasters, we’ve learned that up to 40 percent of small businesses that close may not reopen. It is our hope that by collaborating with LiftFund, this grant will make a meaningful impact and help local businesses get back on their feet.”
LiftFund President and CEO, Amy Hereford, highlighted the program’s impact, stating, «We are deeply grateful to Wells Fargo for their generosity. Their quick response will help us provide much-needed relief to our local small businesses, helping them to recover and rebuild stronger than ever.”
“Congratulations to LiftFund and Wells Fargo for responding expeditiously to the urgent needs of small businesses,” said Maya Durnovo, Associate Vice Chancellor for Entrepreneurship Houston Community College. “The no interest loan demonstrates again their extraordinary
commitment and dedication to our community. HCC is proud of its long standing relationship with both organizations who support HCC entrepreneurial initiatives and who participate in our daily work to start and grow small businesses.”
For more information about the loan program and how to apply, please visit LiftFund.com/Beryl-Relief-Loan.
