CITY/COUNTY REVOLVING LOAN FUND

 

In June of 2000, the City of El Paso, the County of El Paso, and member Banks reestablished an Economic Development Administration (EDA) Revolving Loan Fund (RLF) totaling $773,000, which will potentially leverage $5.1 million in Small Business Administration (SBA) loans. An additional grant from the North American Development Bank’s Community Adjustment and Investment Program (NADBank CAIP) of $500,000 supplements the RLF, adding more opportunities for small businesses to expand. Through a lower percentage of equity and a blended interest rate, the City/County RLF is intended to assist El Paso small businesses in securing SBA loans. For information, call the Department of Economic Development at 915-533-4284 or stop by and visit any of our member banks.

 

 

 OUR MEMBER BANKS:

 

 

 

 SMALL BUSINESS ADMINISTRATION (SBA) 504 LOAN PROGRAM

 

The SBA 504 Loan Program, administered through the Rio Grande Council of Governments, provides long-term, below prime rate financing for fixed asset projects, between $500,000 - $1,875,000. In order to qualify, a business’ net worth must not exceed $2 million during the two years prior to application. For more information visit the Rio Grande Council of Governments’ web site at www.riocog.org.

 

 

 SBA/CAIP LOAN PROGRAM

 

El Paso is the only urban city designated as eligible for special financial incentives from the North American Development Bank when applying for SBA Loans. Under this program NADBank pays on behalf of the borrower the SBA guaranty fee for SBA 7(a) loans meeting a job creation/retention criteria and located in El Paso County. Savings can be as high as $25,000 for SBA's maximum loan amount. Since SBA does not allow for any other fees to be imposed by an SBA lender, this program makes SBA loans practically "fee free.” Contact the SBA El Paso District Office at (915) 633-7001 for further information.

 

 

 WORK OPPORTUNITIES TAX CREDIT

 

The Work Opportunities Tax Credit is designed to reduce federal tax liability for private, for-profit employers who hire youth residing in a federally designated Empowerment Zone.

 

 

 USEFUL SMALL BUSINESS Links:

 

Small Business Resources Information

Information for Starting a Business in El Paso

 

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City of El Paso · 2 Civic Center Plaza · El Paso, Texas 79901 · (915) 541-4000