It’s a new year and that means new opportunities. If you’re a small business owner or entrepreneur with a dream to make it big in Alamo, then there are several ways to find investments for your company or startup. Here are four resources to help fund your business in 2021.
The Revolving Loan Program
The Alamo EDC’s Revolving Loan Program offers low-interest loans ranging anywhere from $10,000 to $150,000. These funds can be used for expansion fees, repairs, renovations, purchasing equipment, and working capital.
To qualify, your business must be located in Alamo, you must contribute 25% of the total projected cost, have dollar-to-dollar collateral, and at least 51% of the company needs to be owned by a U.S. citizen or resident alien.
The Small Business Micro-Loan Program
With help from USDA-Rural Development, the Small Business Micro-Loan Program lends capital to local businesses using funds from previous loans that were paid back. Loans range between $1,000 and 5,000 at 5% interest on a fixed two-year note.
Financing can be used for signage, purchasing equipment, repairs, and renovations. For eligibility, a business must be located within Alamo’s city limits, be in operation for 24 consecutive months, and the applicant must provide a lease agreement and show that at least 51% of the company is owned by a U.S. citizen or resident alien.
The Texas Enterprise Fund
The Texas Enterprise Fund is a financial incentive for companies with projects that significantly offer new employment opportunities. This investment awards capital to businesses looking for a new project, and the state of Texas is competing with out-of-state sites.
To be eligible, there must be out-of-state competition for the business. Other requirements include the creation of 75 or more full-time jobs in an urban area or 25 full-time jobs in a rural area, the project must be supported by the city and/or county where it’s located, the total average wage for new jobs must meet or exceed the average county wage, and the company must demonstrate significant investment as determined by the Governor.
The Paycheck Protection Program
Due to COVID-19, the Small Business Association and the U.S. Treasury Department enacted the Paycheck Protection Program, or PPP. This helps businesses keep their workforce employed. These funds can also be used for rent, mortgage interest, utilities, and worker protection costs. They have an interest rate set at 1%, and the note is between two to five years. Sole proprietorships, independent contractors, and self-employed persons are eligible to apply and no collateral or personal guarantees are required.
Find Commercial Properties for Sale in Alamo!
At the Alamo EDC, we work with different officials to help business owners find the right commercial property. Our commercial real estate opportunities vary from cozy suites to large warehouses with easy accessibility and city services. If you’re looking to partner with an economic development corporation near McAllen, then choose Alamo! You’ll get a small-town feel with the opportunities of larger cities! Contact us today to get started.