New Loan Program Fosters Small Business Ventures


New Loan Program Fosters Small Business Ventures

photo Ken TeegardinThe Alamo Economic Development Corporation is now offering a new Micro-Loan Program that will help small business owners expand their efforts in the city.

The Micro-Loan Program works by lending money to local businesses, with the funds being paid back with the interest. The funds are then reused. The loans are possible with assistance from USDA – Rural Development.

Qualified applicants must be located in Alamo and have a minimum of 24 consecutive months of operations. In addition, 51 percent of the business must be under the ownership of U.S. citizens or resident aliens. Other requirements also apply.

According to Alamo EDC, Alamo currently has a $500 million retail potential and more than 400 acres available for warehousing and distribution. The city’s commercial properties range from 3,000 square feet to 4.9 acres in size on average.

More information on the new Micro-Loan Program, including requirements and loan application procedures is available on the Alamo EDC website.