The Alamo EDC will be hosting a special small business workshop from 12:00 PM to 1:00 PM on Wednesday, March 30th at Alamo City Hall. The workshop will cater to local Alamo businesses and start-ups and will focus on discussing the Alamo Revolving Loan Fund Program and Texas Rural Communities (TRC) and how they can help local Alamo businesses access capital.
Featured speakers include representatives from the UTRGV Small Business Development Center (SBDC) and the Community Development Financial Institutions Fund (CDFI Fund). These groups will also offer advice to small business owners and provide technical support with business plans. Seminars on topics such as using social media and digital marketing will be held.
Alamo Revolving Loan Fund
The Alamo Revolving Loan Fund is a program by the Alamo EDC to help small businesses and start-ups by providing an affordable alternative financing choice. Businesses will need to fill out an application and submit a business plan with a budget. The EDC will then review all documents submitted and determine whether a business is eligible; businesses will be notified if they are.
The Loan Review Committee will review all applications, which will be passed on to the EDC Board for final approval. Businesses interested in applying for the loan should bring the following:
- Business plan
- List of board members (corporations only)
- 2 years of income tax returns – business or personal (most current copies)
- Year-end financial statement from an existing organization
- IRS 501 (c) 3 letter (or similar), if applicable
- Purpose of loan
- Balance sheet (yearly)
- Profit and loss statement (last quarter)
- Project budget
Texas Rural Communities
Texas Rural Communities, Inc. (TRC) is a program that specializes in assisting rural communities by supporting businesses, groups and organizations with loan opportunities. TRC targets enterprises that have had difficulty securing funding. The program awards about $36,000 a year to small businesses in rural communities throughout Texas.
The TRC headquarters is located in Buda and is made up of nine board of directors from Amarillo, Sherman, Oakwood, Cotulla, Clyde, Nacogdoches, Midland, San Marcos and Mission. Total TRC assets are $8 million.
Community Development Financial Institutions Fund
The CDFI Fund helps impact disadvantaged communities with federal dollars as well as private sector capital. Its focus is economic growth in low-income communities that lack financing opportunities by providing programs for residents and businesses with financial services and support.
UTRGV Small Business Development Center
The SBDC is a joint effort between the U.S. Business Administration and the University of Texas Rio Grande Valley along with public and private partners in South Texas. The center is a great resource for business owners seeking assistance in performance, management and sustainability. The center offers consulting by professionals who offer advice to new local businesses.
Visit the Alamo EDC
For businesses interested in benefiting from the small business workshop, contact the EDC by calling 956.787.6622 or email rtapia@alamo.tex.org. The Alamo EDC is dedicated to helping empower local businesses and being instrumental in the city’s economic growth.