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.
El Paso County Economic Development
Address: 800 E. Overland Suite 208
City: El Paso