In order to promote economic development in the City of Alamo, the Alamo EDC established the Alamo Small Business Micro-Loan Program (MLP) with assistance from USDA – Rural Development. The MLP is a self-sustaining project that works by lending money to local businesses, with the money paid back plus interest being reused.
The following documents must be submitted for a loan application:
- Application form.
- An executive summary with three years of financial projections.
- A project budget.
- A personal financial statement.
- Two years of income tax returns – business and/or personal (for the most current years).
- Year-end financial statement(s) from an existing organization.
- Balance sheet(s) (yearly).
- Profit and loss statement(s) (last quarter).
- A minimum of two bids from non-related third-party vendors/contractors.
- A credit report (to be conducted by AEDC), steps for loan process.
Filling out the loan application:
- Must submit all documents to AEDC via mail or hand delivery.
- The AEDC begins the loan application review to determine eligibility.
- The applicant will be notified of eligibility status.
- If eligible, the loan application will be presented to the Loan Review Committee.
- A committee recommendation will be presented to the AEDC Board for final approval.
- The applicant will be notified of the board’s decision to approve or deny the loan application as well as loan-specific terms, when applicable.
For questions about this or any other incentive program for your business, contact the Alamo EDC today at 956.787.6622.