Pharr EDC launches small business loan program to help businesses expand

3 months 2 weeks 5 days ago Friday, June 09 2023 Jun 9, 2023 June 09, 2023 5:12 PM June 09, 2023 in News - Local

A recently launched program in Pharr aims to help entrepreneurs grow their business while helping others get their business off the ground.

The Pharr Economic Development Corporation is helping them out thanks to $50,000 set aside from their annual budget for the small business loan program.

Among those planning to apply is Fabiola Bojorquez, whose family owns Regency Events Centers. They currently have two different venues, and are looking to add a third, but times are tough. 

Bojorquez said the business took a hit during the pandemic, and has struggled to recover.

“On the economic aspect of it, obviously it did suffer a lot, and it's not just during Covid,” Bojorquez said. “Especially now where the loan rates are extremely high. That hinders small businesses like us to expand and grow."

As part of the loan program, Pharr EDC will pay a portion of the interest so that the small business owner pays no more than 2.5% interest.  It's meant to help people that may not otherwise qualify for a loan. 

“Some of these small businesses, or somebody who's looking to start a small business, sometimes they don't have the collateral for some of the requirements that the traditional bankers require,” Pharr EDC Economic Development Manager Karina Lopez said. “We came in to kind of bridge that gap of that higher interest rate."

Bojorquez said the loan will not only help them build a third venue, but also a much-needed parking lot.

You don't need to live in Pharr to qualify for the program, but you must have a business in the city or be looking to expand there.

To learn more about the program, call 1-888-215-2373.

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