Economic development near McAllen is thriving, and the City of Alamo is expanding! So many entrepreneurs are opening up businesses in Alamo, and if you already have a company set up and are considering an expansion, then the Alamo EDC can help with our Revolving Loan Program. Here’s what you should know.
How Can My Business Qualify?
To qualify, a business must meet these requirements:
- Be in Alamo
- At least 51% must be owned by a U.S. citizen or resident alien
- The applicant must contribute at least 25% of the total project cost
- Loans need dollar-to-dollar collateralization
- The applicant must provide a lease agreement or show ownership of the building for the term of the loan
Loan terms and conditions vary, but interest rates will range from 4% to 10%. The minimum loan amount is $10,000 and the maximum is $150,000. Loan terms last between two and 10 years.
What it Can be Used For?
Funds can be used on:
- Repairs and renovations
- Purchasing property for expansions or relocations
- Purchasing business equipment
- Working capital
Applicants are generally approved or denied within 30 days of submitting a completed application. Approvals are generally funded within 60 days of completing the application. Initial loan applications reviewed by the USDA field office can add an additional 15 to 30 days to the process.
Let’s Do Business in Alamo!
The Alamo EDC is dedicated to opening and expanding businesses in Alamo. Contact us today to find out how our loan programs in Alamo can help you!