The Alamo EDC is always working toward helping local businesses move forward, and recent changes to our lending program show how committed we are to help. The Micro-Loan Program is one of several incentives that we offer. It helps businesses with repairs or renovations via low-interest loans. It’s a self-sustaining program that uses the interest paid for additional loan offers.
What Are the Qualifications?
For a business to qualify, they must comply with the following:
- The company requesting the loan must be located in Alamo.
- This business must be in operation for at least two years or twenty-four consecutive months.
- 51% of the business must be owned by a U.S. citizen or resident alien.
- The applicant must have a credit score of 620 or higher.
- The business owner must have a lease or mortgage agreement for the term of the loan.
What Are the Changes?
Previously, the Alamo EDC would grant Micro-Loans at 10% interest for up to $5,000 dollars. Now, we’ve lowered the rate to only 5%! Other Micro-Loan Program changes include:
- Payments are now made to the borrower and not the vendor for repairs or renovations. The previous rule stipulated that payments had to be made to contractors or vendors.
- Only one bid for business improvements is required instead of two from different contractors.
Let’s Help Your Business Today!
Contact us today to learn more about our incentives, specifically the Micro-Loan Program, or to get started on building your business!