Areas Served: Queen City
The City of Queen City, Texas has established the following guidelines and procedures in regards to the (RLF) Revolving Loan Fund for the purpose of expanding economic opportunity and creating employment for the city.
Procedures employed by the RLF will incorporate all the conditions required by law.
The City will use, for the most part, procedures established by Texas Department of Commerce/Texas Capital Fund and the Rural Economic and Community Development.
The City will accept applications from businesses located, or willing to locate within the Queen City, Texas city limits.
The purpose will be to create or retain employment within the City.
The City will initiate and process the RLF with the assistance of a designated City consultant.
This consultant will act as a proposed mediator and contact between the City and the applicant.
The amount of loans made will be governed by need of the business and availability of funds.
As a general rule, the amount of RLF funds will not exceed 50% of the cost of the project.
The applicant/business will be required to obtain 40% from commercial leaders (which would be given first lien position on all loans, regardless of security provided; including real estate and commercial property) and provide 10% in cash and/or equity in the project.
The specific limitations to the types of businesses accepted for the RLF are as follows: – The business must be located within the city limits of the City, – The business cannot be agricultural in nature, – The business cannot be similar in nature to another RLF funded business (this type of lending would be considered “conflicting interest” to the City and the affected competing business), – The business must operate within the laws of the State of Texas, and – The minimum loan amount funded by the RLF is $10,000.
Contact InformationQueen City, Texas Economic Development Corporation
Address: 601 Loop 236
City: Queen City
State: Texas
Website:
http://www.queencitytx.org/index.asp?Type=B_BASIC&SEC=%7B3BB37BCF-2958-4500-99C4-8BABC9EE9B59%7D
Leave a Reply