$2 million Support Lubbock Fund accounted for by Lubbock small b - FOX34 Lubbock

$2 million Support Lubbock Fund accounted for by Lubbock small businesses

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LUBBOCK, Texas -

The City of Lubbock reports it will likely spend its $2 million in business support funds by mid-May.

The Support Lubbock Fund has accepted 57 completed applications since last Wednesday. That's a pool of money established by the Lubbock Economic Development Alliance and Market Lubbock controlled by the South Plains Association of Governments.

Over the next two weeks, administrators say these applications will likely exhaust the fund.

The loans are set apart in three different tiers based on their income. The average loan is $35,000. Only five companies that make more than $1.5 million each year in revenue are under consideration.

The first 20 loans will go to committee for consideration Wednesday.

City Manager Jarrett Atkinson expects the funds will be distributed in the next few weeks.

 

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