1. What assistance is offered under the FASTER Program? Under the FASTER program, you can qualify for three types of aid: loans, grants, and technical assistance. Although several agencies are offering loans and grants, applicants should only apply for a grant or loan through one of our service partners. Click here for the other service partners.
2. Can I qualify for more than one type of aid? Yes. Businesses can obtain one loan, one grant, and technical assistance. However, if a business qualifies for both a loan and a grant, the grant amount is subtracted from the loan amount that is awarded. For instance, if a business qualifies for a $50k loan and a $10k grant, the business would only receive a $40k loan and a $10k grant.
3. Which loan program should I apply for? Choosing a loan program will largely depend on the amount of assistance you are seeking. There are two types of FASTER loans, large loans and small loans. If you intend to apply for a loan that is greater than $50k, you must do so through the large loan program. There are two agencies offering small loans for less than $50k to which a business may apply. A business cannot apply to multiple loan programs at the same time.
4. Which grant program should I apply for? There are two agencies offering grants and there is virtually no difference between these two programs. Therefore, a business may only choose to apply for a grant through one agency.
5. What if I don’t need money, but still need help adapting my business practices to be more resilient? Under the FASTER program a business may apply for technical assistance designed to help businesses in the digital age learn about free solutions-based strategies from digital experts. This program does not offer liquidity as it focuses heavily on business coaching tailored specifically to a business’ needs.
El Paso Chamber of Commerce: https://www.elpasobusinesshelp.com/grant-assistance
El Paso Hispanic Chamber of Commerce: 915.566.4066
Workforce Solutions Borderplex: https://borderplexjobs.com/digital-solutions
Disclaimer: FASTER Program information presented here is subject to change upon final approval by the El Paso County Commissioners Court in January 2021. The program information is intended to provide awareness of the program guidelines and proposed FASTER Program Administrators. Any updates to the program will be shared via this website.