Micro-Loan Program

In order to promote economic development in the City of Alamo, the Alamo EDC established the Alamo Small Business Micro-Loan Program (MLP) with assistance from USDA – Rural Development. The MLP is a self-sustaining project that works by lending money to local businesses, with the money paid back plus interest being reused.

The following documents must be submitted for a loan application:

Application form.

An executive summary with three years of financial projections.

A project budget.

A personal financial statement.

Two years of income tax returns – business and/or personal (for the most current years).

Year-end financial statement(s) from an existing organization.

Balance sheet(s) (yearly).

Profit and loss statement(s) (last quarter).

A minimum of two bids from non-related third-party vendors/contractors.

A credit report (to be conducted by AEDC), steps for loan process.

Filling out the loan application:

Must submit all documents to AEDC via mail or hand delivery.

The AEDC begins the loan application review to determine eligibility.

The applicant will be notified of eligibility status.

If eligible, the loan application will be presented to the Loan Review Committee.

A committee recommendation will be presented to the AEDC Board for final approval.

The applicant will be notified of the board’s decision to approve or deny the loan application as well as loan-specific terms, when applicable.