Areas Served: City of Port Isabel
Under the leadership of Mayor Joe Vega, the current Port Isabel City Council Members, and the Port Isabel EDC, a community-based revolving loan program was established for the purpose of spurring economic growth in the community by assisting local small business-owners access capital for expansion of a current business or to start up a business.
The Port Isabel RLP is funded by the Port Isabel EDC and a grant from the USDA Rural Enterprise Business Grant program.
The revolving loan program works by lending money out to businesses and as the loan is paid back, the collected money is then used to lend out to other businesses.
Qualified applicants for this loan program are businesses which have 50 employees or less, and earn less than $1 million dollars in gross revenues annually.
Loans are available for working capital, construction, renovations, and land and property acquisition.
Contact InformationPort Isabel Economic Development Corporation
Address: P.O. Box 1052
City: Mission
State: Texas
Website:
http://portisabel-texas.com/edc/funding/revolving-loan-fund-program/
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