By R. HANS MILLER | TIMES SENIOR REPORTER
As Katy space companies battle to get by beneath orders to shut down or restrict providers to sluggish the unfold of COVID-19, the Katy Space Financial Growth Council has partnered with native banks to supply fixed-rate loans to companies.
“This system relies on a nationwide mortgage program mannequin developed by the Galveston Financial Growth Partnership,” Katy Space EDC President Lance LaCour mentioned.
This system, which is presently provided by means of Financial institution of Texas and Texas Dow Workers Credit score Union, is offering short-term loans of as much as 180 days with a set 3.25% annual share price – also referred to as an APR, in accordance with a Katy Space EDC press launch. The speed might be provided by means of June 30 and is meant to supply hole financing for companies awaiting insurance coverage, Small Enterprise Administration reduction or different funding for long-term restoration.
Different banks are welcome to enroll in this system, LaCour mentioned.
These within the mortgage program ought to contact the lenders straight.