BROWNSVILLE, Texas (ValleyCentral) — The Brownsville Community Improvement Corporation is helping existing businesses and aspiring entrepreneurs with funds through the eBridge Fund.
The new program was created from a $2 million grant BCIC received for the loan program, according to BCIC’s director of Economic Development Finance, Victoria Padron.
She said the fund is a revolving fund where once loan payments start being paid back, the funds then become available for new borrowers.
Padron explained that the funds are available to qualified applicants in Cameron County.
She said the loans offer financial assistance to small businesses, entrepreneurs, and start-ups at an attainable rate.
“We offer a fixed interest rate starting at 3.75 up to 10 percent. The term of the loan is up to 15 years. They can use the funds to either buy a building, renovate a building, for working capital,” said Padron.
Padron said the loans are also available for non-profit organizations.
Applicants are required to go through an interview process to review business plans and financial documents, according to Padron.
“One of the main goals of this program is to create or retain jobs in the community. It’s one of the main requirements so it’s a must for a business to be eligible,” said Padron.
She explained that an online application is also required and the process should take 30 to 45 days.
For more information on the eBridge Fund and to apply, visit BCIC’s eBridge website.