USDA Awards City with $500,000 to Recapitalize Existing Revolving Loan Fund
(PRESS RELEASE) Eagle Pass, TX – The United States Department of Agriculture (USDA) will award the City of Eagle Pass $500,000 to recapitalize the existing Revolving Loan Fund. A Revolving Loan Fund is an economic development tool used to provide capital to new and emerging businesses who employ 50 or fewer workers and expect to make less than $1 million in gross revenue.
Entrepreneurs and business owners who are not able to obtain funding through traditional lending can seek funding through the City’s Revolving Loan Fund by the end of August, when funds are appropriated to the City.
The tool becomes most useful as an expansion of the City’s Economic Development Department’s effort of business retention and expansion. The city is not required to provide a match for this grant.
“The funds provided by USDA will give the opportunity for businesses in Eagle Pass to start or expand operations, leading to economic growth,” said Mayor Salinas. “The ongoing assistance from outside agencies show the potential that Eagle Pass has for continued growth”
“The City has been working diligently with USDA since January to secure funding for the Revolving Loan Fund, after several months of waiting we were finally given the good news and we intend to help those trying to start their own business through the pandemic,” said City Manager, George Antuna.
