Small businesses are essential to the economy of the Unites States. Providing 55% of all jobs in the United States and accounting for 54% of all U.S. sales, small businesses make a big impact by creating jobs, encouraging competition and stimulating the economy. Alamo and the city’s EDC know the contributions that these businesses make to the local economy and want to assist them on their successful endeavors.
The Revolving Loan Program
Alamo’s Revolving Loan Program provides loans to local businesses and then uses the repayment and interest to help additional businesses. An applicant qualifies if the following guidelines are met:
- The business must be located in Alamo
- The applicant must contribute 25% of the total project cost
- At least 51% of the business must be owned by a U.S. citizen or resident alien
- The loan needs dollar-to-dollar collateralization
Impacting Local Businesses
Through the Revolving Loan Program, the Alamo EDC has been able to assist numerous businesses with development, renovation and expansion. Below are two examples.
I Kids Academy
I Kids Academy, an early care and education center located at 823 S. Alamo Road, received a loan from the EDC in March of 2012.
“The funding from Alamo EDC helped me achieve my dream of providing the children of Alamo an opportunity for better education with a school readiness program. With the loan, I was able to completely remodel an old warehouse to create classrooms and hire the staff to initiate the educational services,” owner Kimberly Hess said.
I Kids Academy provides afterschool care, meals, snacks and transportation. It is equipped with five large classrooms totaling 3,060 sq. ft., 8 regular bathrooms, a unisex bathroom, a handicap bathroom, a fully-stocked kitchen, a dining area with small, child-sized tables for meals, an 850 sq. ft. fenced outdoor play area and a front office.
The classrooms all have closet space, built-in cubbies and are equipped with age-appropriate toys and curriculums. The building is also air-conditioned. The front has a circular driveway that provides a convenient drop-off and pick-up area for parents.
I Kids Academy is open Monday through Friday from 7:00 AM to 6:00 PM. Click here for more information.
Soleil Rehab Services
Soleil Rehab Services, a speech, physical and occupational therapy service provider, received a loan from the Alamo EDC in December of 2010.
“Alamo EDC was of great help and support in guiding and funding the birth of Soleil Rehabilitation Services,” said Ms. Janie Caballero of the UTPA Business Development and Innovation Group. “With the diligent guidance and planning offered by Ms. Caballero, Tomas and I were able to put together the solid business plan that would later qualify us for the USDA Small Business Loan through the Alamo EDC,” said Sarah Moncivais, co-owner of Soeil Rehab Services.
The facility consists of a main lobby/waiting area, one clinical office, two speech therapy treatment rooms, one physical therapy room, a small kitchen and one handicapped-accessible restroom.
What began as a husband running transportation, billing, answering phones and marketing, and a wife performing speech therapy on a few patients, has grown into an office staff that serves patients with poor feeding/swallowing skills, Down Syndrome, Attention Deficit Disorder, dyslexia, speech delays, stuttering, Parkinson’s disease, visual motor deficits, Cerebral Palsy, Bell’s Palsy, muscle weakness, lack of coordination, traumatic brain injury and birth injuries.
Soleil Rehab Services is open Monday through Thursday from 9:00 AM – 7:30 PM. Click here for more information.
In Your Favor
The Alamo EDC understands the contribution that businesses bring to our area. That’s why we aim to assist them in any endeavors they pursue. Taking advantage of these incentives increase business survival rates while providing support for the community. In fact, the rate of startups and small businesses going under has declined by 30%.
A study published in 2013 released by professors from the University of California’s Anderson School of Management, the McCombs School of Business at the University of Texas-Austin and New York University’s Stern School of Business revealed that business startups that receive loans have a higher probability to survive, achieve higher revenue and create more jobs.
With the Alamo EDC by your side, your business can prosper in the Rio Grande Valley! Contact us today!