FORT WORTH (CBSDFW.COM) – The City of Fort Worth announced Wednesday it is working with PeopleFund to launch the Business Resiliency Microloan Program.

The program is prepared to provide at least $850,000 to eligible businesses in Fort Worth who are being impacted by the COVID-19 crisis.

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The loans may be used to pay fixed debts, payroll or accounts payable, or cover other bills that can’t be paid due to the pandemic, the city explained in a news release.

While maximum loan amounts may reach $50,000, at least half of these loans will be $15,000 or less, and at least 60% of loan proceeds will be allocated to minority-owned businesses and those with low to moderate income.

Businesses are eligible for these loans if:

The business has an established physical address in Fort Worth.

The business is current with city and county property taxes.

Additional loan terms:

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Zero interest rate and no payments for the first six months, after which there will be an interest rate of 5% or less.

Loans are fully amortized over a total term of up to 78 months.

Loans can be repaid early at any time with no penalties.

These loans can be combined with other PeopleFund programs.

Finally, all applicants are required to apply for available federal assistance before applying to the Business Resiliency Microloan Program. PeopleFund can provide assistance with those applications, as needed.

Businesses can apply for the Business Resiliency Microloan Program on the PeopleFund website.

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