MCALLEN, Texas – The city of McAllen announced the partnership with Affordable Homes of South Texas, Inc. (AHSTI). It will provide loans to small businesses in McAllen affected by the COVID-19 global pandemic.
The City of McAllen Community Development Block Grant (CDBG) CV-Program with AHSTI is doing business as Business Relief RGV. They will provide loans up to $25,000 at zero percent interest, for businesses in McAllen with less than 50 employees.
All loans have a three-year term.
The city said the funds will be disbursed for documented eligible project expenses and paid directly to third-party vendors and not the businesses directly. Businesses must allow the city of McAllen to collect income and demographic data from business loan applicants and their employees for three years.
Details, application and loan information can be found here.