The Lubbock Economic Development Alliance (LEDA), Market Lubbock, and the South Plains Association of Governments (SPAG) acted quickly, creating a revolving loan fund called Support Lubbock. They provided $2 million to the fund, allocating them to small businesses on a first-come-first-serve basis. These businesses are vital to Lubbockâs economy and the financial assistance they received from Support Lubbock acted as a stop-gap between the time when the pandemic started and when federal funds were finally available.
The Support Lubbock fund was created well before any official state or federal aid opportunities, which allowed SPAG, LEDA, and Market Lubbock to quickly alleviate capital concerns for over 50 small businesses. Funds were allocated on a first-come, first-served basis, and repayment terms included a 4% interest rate over a maximum of 5-year term.
This report and content was prepared on behalf of the Texas Economic Development Council using federal funds under award #08-69-05432 from the Economic Development Administration, U.S. Department of Commerce. The statements, findings, conclusions and recommendations are those of the author(s) and do not necessarily reflect the views of the Economic Development Administration or the U.S. Department of Commerce.
