EDINBURG — The city’s innovative business recovery program pumped $50,000 directly into local businesses on a daily basis for about two months and pushed the 2020 Census response rate to new heights, Edinburg City Manager Ron Garza said last week.
“We are right in the midst of one of the most innovative and one of the most productive business stimulus and economic recovery programs that I’ve ever seen a city do. And I’m not just saying that because I am part of the city, but it needs to be recognized as just completely successful,” Garza said about the city’s SPARC program.
Known by its acronym, the Stimulus Program Aimed at Recovery from COVID-19 was a two-tiered effort that involved businesses and residents alike.
“It’s an amazing, amazing program, and it really is transforming the
When a large swath of Connecticut was forced to shut down during the early days of the coronavirus pandemic, state officials quickly created an emergency loan program from scratch, hoping to help small businesses — from pizza shops to yoga studios — weather the economic crisis.
Months later, records obtained by The Associated Press through a Freedom of Information Act request show the fledgling Connecticut Recovery Bridge Loan Program ultimately funded 2,123 one-year, no-interest loans, averaging $19,705 a piece. Because of the massive flood of applications, officials decided to cap loan amounts at $37,500 — half of the $75,000 originally promised when the program was launched in March — to help twice the number of businesses.
The change was made after officials had to stop accepting applications the day after the program was announced and decided to double the $25 million investment to $50 million, underwritten by the state’s venture