August 2013 - Vol4 Issue 8

 

$$$ for Beaumont Small Business

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Most business owners agree increasing expansion of products and services can be profitable. And, many small business owners also ask – how can I afford it? The answer may be the City of Beaumont’s Small Business Loan Program, which was created to help small businesses get established and expand their business within the city.

The Revolving Fund Loan Program began in 1987 as part of the city’s economic development and job creation vision for Beaumont. Eligibility for financing requires the business be located within the city limits and have less than 100 employees. Although refinancing is not available through this program, a small business can apply for loans from $5,000 to $200,000 for projects such as new construction, acquisition of machinery and equipment, or building rehabilitation. Interest rates are below market rate financing.

According to Nada Rogers, Cash & Accounts Receivable Administrator, the loan program is designed to encourage entrepreneurship among women and minorities. “We have money to loan – as much as $1,000,000 is available to lend.”

Loan requests are reviewed by the Small Business Loan Committee for criteria including job creation, ability to repay the debt, and credit worthiness of the applicant. One job must be created for every $10,000 loaned. Business owners must inject 10% equity into the project and the City can loan up to 35% for projects over $25,000.

To apply for these loans, a business should contact the Small Business Development Center (SBDC) located on the Lamar University Campus at 440 S. MLK Parkway, Galloway Building, Suite 106, or call 409.880.2367. An SBDC representative will guide the business through the application process, assist with contacts to local bankers and provide valuable information about making a small business successful. A processing fee of 1% of the loan amount is payable to the City of Beaumont upon submission of the application packet.

 

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