Small Business Loan Program Available to Help New or Existing Businesses

The City of La Feria and the La Feria Industrial Development Corporation have established the La Feria Revolving Loan Fund Program to help businesses in La Feria through small business loans. The La Feria Business Loan Program overall goal is to help existing and new businesses grow and in the process create job opportunities for the community.

The loan program provides assistance to businesses for working capital, purchases of equipment, repairs and renovations, construction and purchase of property. The maximum loan amount is $150,000 and the minimum is $10,000. Interest rates vary depending on the project and applicant profile but range between 4% and 10%. Depending on the type of project, you can receive up to a 10 year term.

Qualifying applicants must contribute 25% of the project cost. In addition, collateral is required to secure the loan. As the program is funded by federal dollars, potential borrowers must be US Citizens or legal residents and own at least 51% of the business benefiting from the loan.

This year, the program was able to lend out $105,000 to a local business for business expansion. The program currently has over $400,000 to lend out to businesses located in or wanting to locate in La Feria.

The La Feria Industrial Development Corporation has retained the services of The Reyna Network, LLC to assist businesses and process the loan applications.

The program will be hosting Loan Day, an opportunity to meet one-on-one with program managers was held on Thursday, September 25, 2014 from 10:00 AM to 3:00 PM. If you are interested in the program, you may contact Rafael Tapia at (956) 583-7431 or via email at [email protected] to schedule an appointment or for more information. The La Feria Business Loan Program is sponsored by the City of La Feria and the La Feria Industrial Development Corporation, an equal opportunity provider and employer.