BROWNSVILLE, TEXAS – Today, The Brownsville Community Improvement Corporation (BCIC) announced they are now accepting applications for their eBridge Fund Program.
One of main goals of the eBridge Fund program is for a business to use the funds to fill in financing needs and to serve as an economic development tool to encourage business expansion, employment opportunities, and invest in the community. The purpose for the eBridge Fund is to provide funds quickly in order to assist with retaining and creating jobs for the community.
“For many people, owning a business is a big part of achieving their dream. While certain obstacles exist for every business owner; minorities and veterans tend to face extra challenges when it comes to launching, growing, and running a successful business. The eBridge Fund will help them get over the hump they have historically faced due to their limited lending relationships,” said Victoria Padron, Director of Economic Development Finance for BCIC. “The success of the eBridge Fund program will be measured by the amount of money we can lend out to our community; it is a self-replenishing pool of money utilizing interest and principal payments from loans in place to issue new ones.”
eBridge Fund Eligibility Requirements
- Have an existing business or a start-up business in Cameron County
- Create new employment opportunities
- Demonstrate credit worthiness and ability to repay the loan.
- Submit required financial documents and other supporting documents.
- Must follow city and county land-use plans and regulations.
Eligible uses for eBridge Fund proceeds include
- Acquisition of land and/or buildings
- Site preparation, construction, and/or rehabilitation of buildings, leasehold improvements
- The purchase of equipment, machinery and/or fixtures for business operations and/or installation of fixed machinery and equipment.
- Working Capital
- Targeted public infrastructure
The loan amounts will range from $15,000 to $500,000 at a fixed interest rate between 3.75%-10%
This past summer, BCIC received a $2 million EDA CARES Act Recovery Assistance grant to capitalize and administer a Revolving Loan Fund (RLF) to provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic in Cameron County.
“BCIC is proud to be able to play a role in disrupting our region by helping entrepreneurs learn how to leverage capital in order to help ventures expand, increase production, innovate, and retain jobs,” said BCIC President/CEO. “This program is designed to resolve the historical challenge our region has suffered for a very long time. It is vital for the eBridge Fund to be attainable, inclusive, and equitable and we are proud to have been able to accomplish this alongside the U.S. Department of Commerce.”
To apply or to learn more about the eBridge Fund please visit: www.ebridgefund.com or call us at (956) 983-9445.
For more information related to this press release, please contact Michelle Lopez, BCIC Director of Development and Communications at mlopez@bcic.us
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