Micro-Loan Program

In order to promote economic development in the City of Alamo, the Alamo EDC established the Alamo Small Business Micro-Loan Program (MLP) with assistance from USDA – Rural Development. The MLP is a self-sustaining project that works by lending money to local businesses, with the money paid back plus interest being reused.

The following documents must be submitted for a loan application:

  • Application form.
  • An executive summary with three years of financial projections.
  • A project budget.
  • A personal financial statement.
  • Two years of income tax returns – business and/or personal (for the most current years).
  • Year-end financial statement(s) from an existing organization.
  • Balance sheet(s) (yearly).
  • Profit and loss statement(s) (last quarter).
  • A minimum of two bids from non-related third-party vendors/contractors.
  • A credit report (to be conducted by AEDC), steps for loan process.

Filling out the loan application:

  • Must submit all documents to AEDC via mail or hand delivery.
  • The AEDC begins the loan application review to determine eligibility.
  • The applicant will be notified of eligibility status.
  • If eligible, the loan application will be presented to the Loan Review Committee.
  • A committee recommendation will be presented to the AEDC Board for final approval.
  • The applicant will be notified of the board’s decision to approve or deny the loan application as well as loan-specific terms, when applicable.

For questions about this or any other incentive program for your business, contact the Alamo EDC today at 956.787.6622.

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