Due to the COVID-19 pandemic, many businesses are hurting and the Alamo Economic Development Corporation (EDC) wants to lend a hand. Our Micro-Loan Program is just one of our many incentives that have proven to be helpful to businesses in the past. How does it work and what do you need to do to qualify? Read on to learn more about it and what it can do for you!
The Micro-Loan Program
The Micro-Loan Program is a lending project that helps small business owners with repairs, renovations, equipment purchases, and/or overall improvements. You can apply for a loan of up to $5,000 with a 5% interest rate. Applicants must submit the following to qualify:
- An executive summary of financial projections.
- A personal financial statement.
- Two years’ worth of tax returns for the company and owner.
- A profit or loss statement from the most recent quarter.
- One bid from a contractor to show the cost of construction.
After the EDC and advisory committee review all documents, a decision will be made within 30 to 45 days. The business is generally funded the loan within 45 to 60 days.
How to Qualify
- The company must be located in Alamo.
- The applicant must have a lease or mortgage agreement for the duration of the loan he/she is applying for.
- The applicant must have a credit score of 620 or higher.
- 51% of the company must be owned by a U.S. citizen or resident alien.
- The company must be in operation for at least two years or 24 consecutive months.
We Want to Help!
Contact us today to help your company. Due to COVID-19, we ask that you call and set up an appointment beforehand at (956) 787-6622.