Grant & Loan Programs
Façade Revolving Loan Fund
- Typical borrowers are:
- Small businesses
- Small businesses;
- Minority and women-owned businesses;
- Loan amounts up to $50,000
- Loans must be used to restore or rehabilitate building facades
- Loan recipients must have viable business plan for property
- Terms available up to 10 years
EPA Brownfield Revolving Loan Fund
- Loans available for environmental cleanup (example: lead-based paint, asbestos, petroleum products)
- Loan amounts determined by the project costs
- Property must meet definition of Brownfield
- Environmental assessments must be completed
- Other requirements or conditions may apply.
Other requirements that apply to programs:
Job Creation/Retention: The programs available are federally funded with Community Development Block Grant (CDBG) funds and as a result a HUD national objective must be met that will provide a benefit to low to moderate-income persons along with other federal requirements. Each business that participates with these programs must meet a job creation or retention requirement benefiting a low to moderate-income person.
Davis-Bacon Act: All construction projects that exceed $2,000 and funded in whole or part with federal funds must also comply with the Davis Bacon Act. This act mandates minimum hourly payments to all employees employed on a construction project.
Environmental Review: All projects are subject to an environmental review process that must take place prior to beginning the project. An environmental review is the process of reviewing a project and its potential environmental impacts to determine whether it meets federal, state, and local environmental standards. This process can take a week or up to several months depending on the level of review required.
Committee Review: There is a checklist of required documents and program forms that must accompany the completed application for all programs for review by the loan or grant committee. All requests must be approved and a grant agreement or loan documents must be signed by the applicant before the project can begin.
The City reserves the right to deny a grant or loan request by a small business that is not deemed feasible or does not meet a need or desire of the respective community.
For more information, please contact Jerry Sparks, Economic Development Director at 903.798.1715 or David Orr, Planning and Community Development Director at 903.798.3902.
Northeast Texas/ Texarkana Small Business Development Center