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Borger, Inc. Announces Small Business Recovery Program

Borger, Inc. Announces Small Business Recovery Program

April 1, 2020

 

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The Borger, Inc. Board of Directors and City Council of Borger have approved the creation of the COVID-19 Small Business Recovery Program.

At a special called City Council meeting on Thursday, March 26, 2020, City Council voted 5-0 in favor of Borger, Inc. using $400,000 of already collected sales tax dollars to fund the recovery program, which will assists owners of small businesses in Borger, Texas with basic operating expenses during the COVID-19 pandemic. 

In the City Council meeting, Borger, Inc. Executive Director Katie Lingor stated that the program is intended to help sustain the Borger economy through the pandemic and help small businesses avoid defaulting on their obligations while they experience loss of revenue. The overall goal is to prevent small businesses from permanently closing because they are unable to pay fixed expenses like rent and insurance premiums while they are closed or severely limited in operations.

Businesses will be able to apply for the program beginning Wednesday, April 1st, and continuing through Friday, June 30th. If approved for the recovery program, small businesses will be able to submit certain monthly expenses to Borger, Inc. for reimbursement, including rent, payments to lenders, necessary utilities, insurance premiums, and other expenses deemed essential by the Borger, Inc. Board of Directors. Certain expenses will not be eligible for reimbursement, such as compensation for the business owner(s) or the business owner's personal expenses.

Each business recipient will be required to commit to resuming its normal business, including rehiring employees to pre-crisis levels, within two (2) years. Businesses (and individual owners of those businesses) that do not meet this performance obligation will be required to repay the funds to Borger, Inc.

Businesses that are approved for the recovery program must also make an application to the SBA for additional assistance, although they are not obligated to accept a loan from the SBA if they are approved. “We want to ensure everyone has an option for a plan 'B', because we don't know how long this pandemic is going to affect our businesses.” stated Lingor. According to the application, recovery funds are limited to a maximum of six (6) months and $25,000 per business, but that amount is not guaranteed. “If our economy is recovering in a few months, the Board may decide to end the program before the six-month mark. We will be actively monitoring the situation and will give businesses plenty of notice when it is time for the recovery program to end.”

Every application will be considered on a case-by-case basis. Individual businesses’, as well as their majority owners, will be evaluated for creditworthiness, solvency, sustained economic injury, and other factors chosen by Borger, Inc., the Borger Economic Development Corporation.

For more information about the COVID-19 Small Business Recovery Program, visit this page


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