MCALLEN, Texas – LiftFund and the City of McAllen offer zero-interest small business loans for McAllen business owners.
LiftFund is a non-profit loan fund committed to empowering small businesses with limited access to traditional sources of credit.
Marlene Rodriguez, Credit Officer at LiftFund, said the goal is to be a sustainable organization that contributes to economic development by providing small business loans, as well as other essential services to our borrowers.
In a conversation on Zoom, Rodriguez said zero-interest loans are available to small businesses that don’t have access to loans from traditional sources.
She said existing businesses ready to expand and start-ups within the city of McAllen can apply for the funds.
When asked when small businesses can apply, Rodriguez said, “The funds are currently available until they are exhausted. However, LiftFund offers another loan program for small business owners in our community.
When asked how much money a small business can borrow and how long it has to pay it back, Rodriguez replied:
“It will vary depending on the needs of the small business and the amount of the loan. In addition to this zero rate loan program with the City of McAllen, LiftFund offers other loan options ranging from $ 500 to $ 500,000.
Rodriguez said LiftFund is also partnering with the Small Business Administration to provide the Community Advantage Loan and SBA 504, which can fund large projects up to $ 5 million.
“We recommend that business owners start an online application at www.LiftFund.com to start the process or make an appointment to discuss their business needs and loan options, ”Rodriguez said.
Asked how long a business has been in operation to qualify, Rodriguez said, “We provide loans to start-ups and existing businesses.”
Some companies do not need to apply. Rodriguez said adult entertainment businesses, businesses engaged in real estate loans or investments, finance companies, mortgage companies, check cashing businesses or any speculative businesses will not be approved.
When asked if this was the involvement of the Town of McAllen in the program, Rodriguez said, “We have had an excellent relationship with the Town of McAllen since we opened our office in 1998. Since 2013, we have provided $ 3.9 million in zero interest loans. to 152 small businesses through our partnership with the Town of McAllen.
Since opening its office in McAllen in 1998 to serve the entire Rio Grande Valley, LiftFund and its predecessor, Accion Texas have made more than 5,500 small business loans for total funding of $ 76.9 million.
Here is the Zoom conversation with Marlene Rodriguez:
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