epcounty.com - Economic Development

El Paso County Economic Development

Revolving Loan Fund
The El Paso City/El Paso County Joint Revolving Loan Fund (the Joint RLF) is created to stimulate economic growth in El Paso County. The purpose is to provide capital for private projects. The Joint RLF is partially funded through the State of Texas from the U.S. Department of Housing and Urban Development. It is also funded by the City of El Paso through the U.S. Economic Development Administration.
RLF funds are awarded for the purpose of creating new permanent jobs or permanently retaining existing jobs, primarily for low and moderate-income persons.
Program Guidelines
To receive consideration, applicants must meet the following program guidelines:
1. A minimum of one full-time equivalent job (37.5 hours per week) must be created and filled for each $25,00 increment borrowed from the Joint RLF. The jobs should be targeted to low-income persons who fall below the HUD Section 8 Income Limits for El Paso County. The business has one year from the date of loan closing to fill the new job(s). Businesses claiming retained Jobs as part of a proposal must provide documentation that the employees will be permanently laid off or the business will be permanently laid off or the business will closes down or relocate out of state of Joint RLF monies are not available.
2. The business must be located within El Paso County, Assistance will not be provided to business intending to relocate from one area of Texas to El Paso County, unless the relocating business intending to relocate from one area of Texas to El Paso County, unless the relocating business provides satisfactory documentation that its other alternative is to leave the State of Texas. An intrastate relocation project may may be considered if there is no objection by the local government in which the business is presently located. In addition a 10% net gain in jobs must me achieved/created.

Eligible Uses of Funds
To purchase machinery and equipment; to provide approved uses of working capital; to supplement the required local injection for a Small Business Administration (SBA) 504 loan that does not involve the purchase of land, and appurtenance to land, or the construction or renovations of appurtenances to land.
Loan Security/Collateral:
Loan must be secured by sufficient collateral to assure repayment.
Lenders
Bank of America
Chase Bank
State National Bank
United Bank
Wells Fargo Bank

Application Process:
1. The owner of the new or expanding business must complete the entire loan application package included in this this document. These forms are in addition to loan application forms required by the participating lenders.
2. Upon submission, the loan application package forms will be reviewed for technical adherence to the guidelines by the staff of the El Paso County RLF Committee and/or the Revolving Loan Fund Board. The lending Bank will review the loan application forms it requires. After completion of the technical adherence review and the Bank's review of its loan application forms, the entire application package will be submitted to the Revolving Loan Fund Board for funding approval.
Please see flow chart provided for more information on the application process.
Assistance
Technical assistance is available upon request

Loan Application Checklist
- Project Description and Business History. Provide a brief history of your company and include a detailed project description of the intended use of Joint RLF monies, also include a paragraph describing the expected benefits your company will receive from the loan. The statement should be no more than two single-spaced typed pages.
- Job Hiring Statement. Complete the " Job Hiring Statement" form.
- Resume of Principal Owner's. Attach resumes that provide a brief description of the education, technical, and business background for all stockholders, partners, or owner(s) of 20% or more of the company.
- List of Subsidiaries or Affiliates. List any subsidiaries or affiliates and note their relationship with your company listed.
- Source and Use of Funds. Complete the "Use of Funds by Source" for the proposed project.
- List of Machinery and Equipment. Complete the "List of Machinery and Equipment to be Purchased with RLF Monies" form. Include only equipment to be purchased with Joint RLF monies.
- Letter of Compliance. Submit a letter on owner stationary stating that the business will comply with a all applicable rules, regulations, requirements, and assurances as stated in the original Joint Revolving Loan Package and any changes and amendments as approved by the Joint RLF Board. A copy of the package may be obtained by contacting the Joint RLF Board.