Business Loan Fund
How the Business Loan Fund Process Works
Funds are available for projects located in the following Texas counties: Austin, Brazoria, Chambers, Colorado, Fort Bend, Galveston, Harris, Liberty, Matagorda, Montgomery, Walker, Waller, and Wharton.
The Business Loan Fund helps finance new or expanding small businesses when traditional funding isn't available or isn't enough. All applicants must have applied for funding from a private lending institution before being considered for the Business Loan Fund.
Loan amounts range from $100,000 to $300,000. Higher loan amounts may be considered under special circumstances. A 10% minimum down payment is required.
The Business Loan Fund offers interest rates starting at 4% and repayment terms up to 10 years.
One job must be created for every $65,000 of loan funds.
Eligible Use of Funds
- Purchase of assets including buildings, equipment, furniture and inventory (50% or more of each loan must be used to purchase assets)
- Closing costs
- Working capital
Your Business Loan Fund Loan in 3 easy steps
Preliminary Project Review. Complete an online form for a member of the H-GALDC Business Loan Fund team to conduct a preliminary review of your project. The Business Loan Fund is available for projects in Austin, Brazoria, Chambers, Colorado, Fort Bend, Galveston, Harris, Liberty, Matagorda, Montgomery, Walker, Waller, and Wharton counties in Texas.
Application. Complete your application. H-GALDC Business Loan Fund staff will work with you to ensure eligibility and assist with the application process. Staff will prepare and submit the loan application for approval by the Gulf Coast Economic Development District loan committee.
Approval and Closing. Loan proceeds are disbursed. Final approval documents are signed. The Applicant signs/initials all loan documents, and monthly payment begins.
Please fill out our online form and a member of the Business Loan Fund program team will contact you to conduct a preliminary review of your project.