Small businesses are a critical part of the economy in Alamo, and the Alamo EDC works closely with those businesses to ensure their success. The EDC helps to cultivate an economically-healthy environment while also encouraging businesses to succeed while supporting the creation of jobs. The Alamo EDC assists and supports businesses through two main programs, the Revolving Loan Program and the Micro-Loan Program. The Revolving Loan Program offers small businesses with a low-interest financing option.
The Revolving Loan Program consists of:
- A collateral-based loan ranging between $10,000 and $150,000.
- An interest rate range of four percent and 10 percent.
- A length of up to 10 years.
- The option to be used as working capital or for repairs/renovations.
In order to qualify for this program, businesses must be within Alamo’s city limits. A U.S. citizen or resident alien must be the owner and also contribute 25 percent of the total project cost.
After a business meets the loan’s qualifications, the EDC will request the following:
- A business plan and reason for the loan.
- A project budget if the loan is for repairs and renovations.
- A list of all owners or board members who hold at least 20 percent ownership of the company.
- Business and personal income tax returns that cover the previous two years.
- A profit or loss statement for the previous quarter.
- A yearly balance sheet.
- Three years of financial projections.
After receiving all requested documents, the EDC and Loan Application Committee will then begin review. A decision will be made within 30 days with funding also beginning within 60 days after approval.