The Panhandle Micro-Loan Program is designed to provide small businesses with increased access to capital in the top 26 counties of Texas, the Panhandle. This program creates job opportunities and provides a means for businesses to grow. Borrowers will commit to hiring one additional full-time person for every $20,000 loaned, within two years of loan closing. The minimum loan amount for the program is $2,000 and the maximum loan amount is $40,000. As a “Risk Financing Program”, equity requirements can vary between 5% and 15%, based on the merits of the project.
Activities to be financed may include, but are not limited to:
- Acquisition or expansion of an existing business
- Purchase & development of land and buildings
- Remodeling and improvements
- Purchase of equipment, machinery or vehicles
- Startup costs, working capital or gap financing