LiftFund pitches $50,000 interest buy‑down to San Juan EDC to expand 0% lending

Martina Lucas, a representative of LiftFund, told the San Juan Economic Development Corporation that the nonprofit lender is proposing a $50,000 interest buy‑down to allow San Juan small businesses to access 0% interest loans.

Lucas said the $50,000 subsidy would effectively leverage about $200,000 in lending and could help “seven to eight small businesses” with average loans of $25,000–$30,000. She described LiftFund’s underwriting and vetting processes, noting the organization has dispersed more than $6,000,000,000 in loans and originated more than 28,000 loans over about 30 years.

The program would be available to both for‑profit and nonprofit applicants, Lucas said, provided businesses are located in participating cities and are current on required local sales taxes and permits. “We do all the due diligence — we check Secretary of State filings, DBAs, permits and run our SmartDx risk report,” she said.

Lucas gave San Juan‑specific figures from LiftFund’s local portfolio: 104 loans in San Juan totaling about $1,100,000 to roughly 70 small businesses, with 145 jobs retained. She also said LiftFund’s overall delinquency rate is below 5% and that standard LiftFund interest rates are higher (Lucas cited a standard rate around 14.5%), which the buy‑down would reduce for qualifying borrowers.

Board members asked procedural questions about eligibility and governance. Lucas said loan decisions are ultimately made by LiftFund’s underwriting team and corporate board; LiftFund would submit a formal proposal and an agreement for the EDC’s review. The board suggested a memorandum of understanding or a formal action item be prepared for a future meeting.

The presentation concluded without a board vote; members directed staff to work with LiftFund on a formal proposal to be presented as an action item at a later meeting.