Our country is experiencing a never-before-seen crisis, and our economy is hurting. This is especially true for small businesses. Small businesses are the foundation of our communities and employ nearly half of the American workforce.
The Alamo EDC knows this and is committed to helping local business owners. We’ve begun modifying our loan programs, and from now until the end of the year, local businesses that have been operating for two years or more can take advantage of the following!
The Micro-Loan Program offers collateral-free loans to small businesses for purchasing equipment, improving signage, and paying for repairs or renovations to their structures. New terms to the Micro-Loan Program include:
- Collateral-free loans of up to $10,000 at 5% interest for up to two years.
- Loans that can be used as working capital.
- A six-month payment deferment with no principle or interest added to the term of the note.
- Interest fees that can be reimbursed after six months of on-time payments.
Revolving Loan Program
The Revolving Loan Program offers local businesses and start-ups an alternative, low-cost financing option. Depending on the amount borrowed, business owners can finance these notes for up to 10 years. New terms for the Revolving Loan Program include:
- Collateral-based loans of up to $150,000.
- Loans with a fixed interest rate of 4%.
- An initial six months of deferred payments with no principle or interest added to the term of the note.