Areas Served: City of Pharr
The PEDC Revolving Loan Fund (RLF) is designed to assist small and emerging businesses with projected gross revenue less than $1 million and who employ 50 or fewer employees in Pharr, Texas.
OBJECTIVES
¢ Establishment of new businesses and/or expansion of existing business
¢ Creation of employment opportunity and/or saving of existing jobs WHO MAY BORROW?
¢ Individuals, public or private organizations, or other legal entities, with authority to incur the debt and carry out the purpose of the loan.
¢ At least 51% of the owners or shareholders of a business must be United States citizens or admitted for permanent residence.
¢ Applicants must be unable to obtain the purposed loan elsewhere at reasonable rates and terms.
ELIGIBLE LOAN PURPOSES
¢ Acquisition and development, of land, easements, and rights-of-way.
¢ Construction, conversion, enlargement, repairs or modernization of buildings (include façade repairs), plants, machinery, equipment, access streets and roads, parking areas, utilities, and pollution control and abatement facilities.
(please call first)
¢ Loans for startup operating cost and working capital.
¢ Technical assistance for private business enterprises.
¢ Project/Business to be assisted must be physically located within the City of Pharr, Texas INELIGIBLE LOAN PURPOSES
¢ Agricultural production
¢ Comprehensive area-wide planning
¢ Funding a part of a project which is dependent on other funding unless there is firm commitment of the other funding to ensure completion of the project.
¢ Applications by members of the loan committee and their immediate family members shall be ineligible for funding.
LOAN LIMITS
¢ Loans from revolving loan fund will not exceed the level of available funding in the RLF fund account and/or not exceed $10,000 or 75% of the total project cost, whichever is less.
¢ The EARC may authorize loans smaller than the above values on a case by case basis.
LOAN TERMS Loan terms will be amortized based on the life of the security.
The EARC shall make recommendations to the PEDC Board who will determine the term.
INTEREST RATE The interest rate will typically range from 1%-10%.
The EARC shall make recommendations to the PEDC Board who will determine the rate.
Contact InformationPharr Economic Development Corporation
Address: 118 South Cage Blvd
City: Pharr
State: Texas
Website:
http://www.pharredc.com/index.php?option=com_content&view=article&id=159&Itemid=145
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