South Texas’ retail economy is booming with renovations, expansions and new developments that push the Rio Grande Valley into the forefront of growth and development. Named the fifth largest metropolitan statistical area in Texas (surpassing El Paso and Killeen), the McAllen-Mission-Edinburg area has become a destination that many businesses look to profit from. If your company is looking for local incentives that can benefit your business, then look into the Alamo Economic Development Corporation’s (EDC) Revolving Loan Program.
The Revolving Loan Program is just one of many incentives that the Alamo EDC has established as part of our efforts to encourage business growth and job creation in the city. This program is designed to assist small businesses and startups by providing low-cost, alternative financing options.
Acceptance into the program requires:
- Loan application completion.
- Submitting your business plan with a loan application (business plan must include budget for fund usage).
- Submission of all documents to the Alamo EDC via mail or hand delivery.
From here, the following will occur:
- The EDC will begin 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.
- Committee recommendation will be presented to the EDC 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 a list of initial documents needed for the Revolving Loan Application, click here.
Why South Texas?
South Texas is one of the fastest growing markets nationally and in Texas. Retail is a strong staple with Pharr Town Center introducing its 470,000 square foot shopping destination and Edinburg announcing its $250 million, 45-acre project that will encompass a movie theatre, boardwalk, jogging trail, a hotel and dozens of retail outlets. As the largest retail contender in the region, La Plaza Mall will be expanding its 1.2 million square foot shopping center. This location will cement the Rio Grande Valley as a prime commercial destination.
International trading has also blossomed across the Rio Grande Valley due to its close proximity to Mexico. With some of Mexico’s largest cities near South Texas, businesses have a supplementary market encompassing 1.7 million people. Over nine ports of entry are available in the area as well. Along with land ports, businesses also have four prime public and commercial airports, four seaports and railroad accessibility.
Education opportunities are also in the limelight with the University of Texas Rio Grande Valley’s first school of medicine, the newly announced Texas A&M academic building in McAllen and various technical schools all across South Texas contributing to the growth of the area. Growing student enrollment across these colleges and technical institutions allows businesses to have a range of young, educated and skilled workers.
With so much success in South Texas, other cities can benefit and contribute in their own ways. Cities like Alamo contribute with major ecotourism thanks to the Santa Ana National Wildlife Refuge and many locally owned businesses.
Only minutes away from McAllen, Edinburg and Pharr, Alamo has a $500 million retail potential and over 400 acres available for warehousing and distribution. A large daily traffic count in Alamo also makes the city vibrant for business opportunities.
Grow with Us in South Texas!
Grow your business in South Texas! The Alamo EDC can help you get started with your Revolving Loan Program application. If you’re looking for other initiatives, we have a broad range of programs that can benefit and be tailored to your business endeavors. For more information on anything else we can do for you, contact us today!