Skip to main content

SBA Offering Aid to Houston Small Businesses Amid COVID-19 Crisis

Published Mar 25, 2020 by Julia McGowen

Businesses around the world face mounting challenges as  the COVID-19 crisis continues to spread, including disruption to global supply chains and finances. While businesses of all sizes are grappling to adjust, Houston's small business community is especially feeling the pressure as it navigates an uncertain future. 

To help small business owners make smart decisions during this unprecedented situation, the Greater Houston Partnership hosted a webinar on March 24 for SMEs (small to mid-size businesses) featuring Tim Jeffcoat, District Director of the U.S. Small Business Administration (SBA) Houston District Office. The session was part of the organization's COVID-19 Houston Business Forum, a digital series providing the latest information and analysis on the crisis and its economic impact.

Jeffcoat shared information and resources for the companies, including disaster loan assistance for small businesses and nonprofits, as well as non-finance assistance available from the SBA and its partners

Jeffcoat explained how qualifying businesses can apply for SBA’s Economic Injury Disaster Loans (EIDL), which offer low-interest loans of up to $2 million with no payments required for 12 months. These cash injections can be used for SMEs to cover fixed debts, payroll, accounts payable and bills that are affected by the disaster.

He also outlined the application process, materials needed for businesses to apply, and additional EIDL resources. Those can be found here.

To offer further assistance for business still working to pay off disaster loans after Hurricane Harvey, or other loans through the SBA, the agency is allowing those payments to be deferred until the end of the year.

Jeffcoat also noted that once a business is approved for an EIDL loan, the agency will provide immediate assistance with an initial disbursement that would be disbursed within five business days. 

Jeffcoat also shared other important non-monetary resources available through the SBA and its partners, which include:

These organizations can assist SMEs by providing guidance on cash flow management, supply chains, marketing, strategic planning and offering mentorship on financial decisions.

The Greater Houston Partnership's COVID-19 Houston Business Forum is a digital webinar series providing the latest information and analysis on the crisis and its economic impact for a list of upcoming webinars, click here. We also encourage you to visit the Partnership's COVID-19 Resource page for updates, guidance for employers and more information. And sign up for daily email alerts from the Partnership as the situation develops. 
 

Related News

Public Policy

Securing Essential Water Infrastructure for Sustainable Growth in Texas

10/28/24
People are moving to Texas, and businesses are building new facilities. That rapid growth is straining resources, particularly water. According to a new report, Texas must invest $154 billion over the next 50 years in new water supply and infrastructure—critical needs to support the state’s expanding population and booming industries. The report from Texas 2036, a nonpartisan public policy think tank, highlights the urgency of this investment. Without reliable water infrastructure, Texas could face the loss of a million jobs and more than $160 billion in economic impact over the next five decades. The report underscores a stark reality: a comprehensive, sustainable funding strategy for water is necessary to keep Texas economically resilient and competitive. Investment Needs The 2022 Texas Water Plan and US EPA initially estimated that Texas would need $132 billion in water infrastructure investments over the next 50 years. However, Texas 2036 has adjusted this figure for inflation, raising the projected cost to $154 billion. While state and federal programs—such as the State Water Implementation Fund for Texas (SWIFT) and the newly established Texas Water Fund—are expected to provide around $40-45 billion in financial support over the coming decades, a significant long-term funding gap persists.   Click to expand Texas 2036 graphic showing cost estimate for water infrastructure needs Dual Challenges According to the report, Texas faces two challenges. First, the state must develop a broad, diversified water supply portfolio to meet the demands of a rapidly growing population and economy while strengthening resilience to future droughts. The water supply gap poses additional risks to the state’s electricity generation, as low water levels during droughts could limit power from natural gas, nuclear and coal plants. Second, aging and deteriorating drinking water and wastewater systems. Over the past five years, nearly 3,000 boil water notices have been issued annually, leaving communities without reliable water service.  Impact on Industries A severe, prolonged drought would have widespread effects on industries across Texas. Manufacturing, a key driver of the state’s economy, is one example.  The top five manufacturing regions—Dallas-Fort Worth, the Greater Houston area, East Texas (Beaumont, Tyler, Lufkin), Central Texas (College Station, Temple, Waco), and South Central Texas (San Antonio, Victoria)—together account for 82% of the state’s manufacturing GDP and 77% of its manufacturing jobs. According to research from Rice University’s Baker Institute for Public Policy, within the next 20 years, these regions could face nearly $20.8 billion in lost manufacturing GDP and over 116,000 job losses due to water shortages during a drought of record. The potential economic fallout underscores the need for immediate and strategic investments in water infrastructure to safeguard key industries and the communities that rely on them. Advocacy at the Capitol  Water infrastructure is one of the executive priorities for the Greater Houston Partnership for the 89th Texas Legislative Session. These priorities serve as a roadmap for the upcoming session, highlighting key areas of interest for the business community. The Partnership supports increased funding for the Texas Water Fund, preferably establishing a dedicated funding stream to ensure long-term, sustainable investments in the state’s water resources.   Learn more about how the Partnership advances strong policy that fosters long-term growth and upward economic mobility for the region.  
Read More
Economy

Report: Houston’s Global Economy Thrives, Setting New Records

5/2/24
HOUSTON (May 2, 2024)— All metrics indicate Houston’s global economy is positioned for continued success, according to the Greater Houston Partnership’s 2024 Global Houston report. The report, which provides an analysis of the global economy and its tie to the Houston region, illustrates how Houston’s international activity in 2023 continued to set records: The Houston-Galveston Customs District continues to rank first in the country in tonnage handled (exports and imports) with over 404.7 million metric tons of goods and commodities, an increase of 6.4 percent from 2022. The Houston-Galveston Customs District ranked first in total value with $344.5 billion for the second consecutive year. Houston led the U.S. in exports, shipping more than $175.5 billion in goods and commodities. Foreign direct investment (FDI) remains strong, with an 18% increase as 52 foreign-owned companies with plans to relocate, expand or start operations, surpassing the 44 projects announced in 2022. The Houston Airport System handled 12.6 million international passengers, finally surpassing pre-COVID levels and setting a record. For the second consecutive year, international migration accounted for the largest share (37.6%) of the region’s population growth. The region attracted 52,500 migrants in 2023, an increase of more than 10% compared to 2022. According to the report, trade disputes, supply chain disruptions and geopolitical tensions remain as global challenges in 2024. Fortunately, foreign governments recognize Houston’s pivotal role in global trade and foreign investment. "While economists expect a slightly weaker year ahead, Houston's robust ties to global markets and the ongoing growth of our major trading partners will continue to support our economy," said Partnership Chief Economist and Senior Vice President of Research Patrick Jankowski. "We remain confident in the strength and resilience of Houston's global economy." The Global Houston report also provides additional statistics and information about Houston’s international business ties and ranks the region’s top 20 trade partners. Top 10 Houston trade partners and the value of trade in 2023: China -- $31.8 billion, down from $32.1 billion in 2022. Mexico -- $28.7 billion, down from $32.0 billion in 2022. Netherlands -- $26.5 billion, up from $19 billion in 2022. South Korea -- $22.9 billion, down from $24.7 billion in 2022. Brazil -- $15.6 billion, down from $20.3 billion in 2022. Germany -- $15.1 billion, up from $15.0 billion in 2022. Japan -- $13.1 billion, down from $14.2 billion in 2022. United Kingdom -- $13.1 billion, down from $15.9 billion in 2022. India -- $13.0 billion, down from $15.5 billion in 2022. Singapore -- $11.4 billion, down from $14.0 billion in 2022.
Read More

Related Events

Economic Development

State of the Port

What does the future hold for Port Houston and its role as a global commerce hub? Join us at the State of the Port on Friday, November 22 to uncover the exciting developments…

Learn More
Learn More
Executive Partners