Small Business Revolving Loan Program
The City of Raymondville Economic Development Corporation has established the Raymondville Revolving Loan Fund (RLF) Program with the assistance of the United States Department of Agriculture USDA Rural Development. This portion of the RLF is comprised of funds that were granted to the City by USDA and matched by the city through sales tax revenues. USDA contributed $267,000.00 and the City of Raymondville contributed $153,000.00 for a total $420,000.00 available to established and/or hopeful business people. these funds will be made available in the form of low interest loans to qualified borrowers.
The loan terms and conditions range from $10,000.00 to $150,000.00 at interest rates of 3% to 10% for up to 10 years and for real estate loans for up to 15 years. The loans may be used for working capital, acquisitions for property, purchase of equipment, construction, repair and renovation, and business expansion. It is required that the business be located in Raymondville, that the business be collateralized dollar for dollar, hire 1 person per every $25,000.00 borrowed and 51% of the business be owned by a U.S. Citizen or Resident Alien.
Loan Days are being held every 2nd and 4th Tuesday of the month from 10 am to 5 pm at the Raymondville Rural Technical Center located across the street from Raymondville High School. Mark your calendars, come by or call 956-583-7431 to set-up an appointment. The City Administrators are very focused on the growth and prosperity of the community.Revolving Loan Application