Governor Greg Abbott announced that $ 50 million in loans will be made available to small business owners in Texas.
HOUSTON – For small businesses struggling to stay open, Texas Governor Greg Abbott announced a new lifeline on Monday.
Mariko Peterson and Jodi Boyd had just achieved their dream of opening a hair salon together in Oak Forest when the coronavirus pandemic hit the United States.
“One year into our lifelong goal, bam, that’s it,” said Peterson.
The women even had a second location due to open on April 1st in the Heights.
“All of our employees are producers. So if they’re not making money, the salon is not making money, ”Boyd said.
They have been closed for a month.
They said they pulled cash out of their own pockets to keep paying the staff for what they can.
Now comes more money. Abbott announced that Goldman Sachs and LiftFund have partnered to provide $ 50 million in loans.
“There is mixed information about what a problem is. Some people say don’t worry, there is enough money, others say they are running out, ”said Peterson.
The business owners said they were applying in hopes of continuing to fund their dream that had just begun.
“Until we have this funding until we get this approval, we won’t rest at night,” said Peterson.
Small business owners can get two and a half times their monthly payroll. If certain criteria are met, the loans can be waived. Further information on the application can be found here.
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