McAllen, TX– LiftFund, the City of McAllen and the Rio Grande Valley Hispanic Chamber of Commerce want to help new or expanding entrepreneurs in the area with a 0% small business loan. To inform business owners in the area, LiftFund and partners will be hosting a seminar on Thursday, January 19, 2017 at 9:00 – 11:00 a.m. at the EBC Building, Large Room, located at 801 East Fern to discuss details about the loan program.
Funded by the Development Corporation of McAllen, Inc., LiftFund offers assistance for loans from $500 to $250,000 for starting or growing business throughout the Rio Grande Valley who wish to open or expand their business in the city of McAllen only. The program pays the interest on the loans for the business, allowing for the 0% interest loan to assist the start-up or expanding business, which provides a financial impact of up to $600,000 in the community with this program.
“This is a really great program because the entrepreneur can use it to open or expand their business, creating jobs and ultimately, growing the local McAllen business landscape,” said Marlene R. Rodriguez, LiftFund Senior Business Development Officer.
Applicants must meet the organization’s standards to qualify for the loan; however, because they are a non-profit, their underwriting guidelines are more flexible which make it easier for new businesses wanting to open up to receive loans from LiftFund than through traditional banks, who require a business be established for two years before considering giving a loan. The seminar will provide information on those requirements, including that applicants must provide solid business plan, proof of lease for business, have relevant experience in the business being proposed and good credit. For established business, applicants must have a business account and collateral credit and capacity to repay the loan. For those applicants who do not qualify, LiftFund does provide some counseling to help the business owner qualify in the future.
This year, the fund has $275,000 available on a first come, first serve basis for loan applications.
The 0% small business loan program has been funded by the City of McAllen and offered through LiftFund since 2014. In that time, 65 loans for $1,272,188.33 have been provided.
The program has had a tremendous impact in the city of McAllen, creating 99 jobs; retaining 168 jobs; assisting 22 start-ups; and helping 43 existing business expand.
Register for the program today at (956) 928-0060.
For more information about the seminar, program or LiftFund, please contact Rodriguez at (888) 215-2373, Ext. 1702.
# # #