CUERO SMALL BUSINESS CAPITAL LOAN POOL
The Cuero Development Corporation (CDC) and BCL of Texas have joined
efforts to form a community loan pool, Cuero Small Business Capital.
• Cuero Development Corporation
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$115,000
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• BCL
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$50,000
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• Total Capital Available
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$165,000
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Types of loans that qualify
Businesses located in or within a 4-mile radius of Cuero that need funds for
the following may qualify:
- Working Capital
- Inventory
- Real Estate
- Machinery
- Construction
- Computers
- Furniture
- Fixtures
- Leasehold improvements
Eligible Local Businesses
- Start-ups
- Expansions
- Women owned
- Minority owned
- Non-profits on a case by case basis
Ineligible Businesses
- Bars
- Liquor stores
- Dance halls
- Massage parlors
- Sexually oriented businesses
Amount of Loan:
$2,000 to $25,000 (maximum)
Equity Requirement:
10% or greater.
Collateral:
1 to 1 (loan to value) as much as possible. Based on credit analysis.
Signature loans are allowed (case by case).
Guarantees:
Personal or other guarantors. Credit reports will be pulled on all borrowers.
There may be flexibility on past bankruptcy and charge-offs
Application Fee:
$100 non-refundable.
Financing:
BCL/CDC are 90% financiers. Gap financing is not eligible.
Loan Closing Fee:
$100 ($75 to prepare loan documents & $25 to file documents with
Secretary of State).
Closing fee can be included in the Loan. Additional fees are possible
on real estate loans.
UCC Filing:
On all collateral offered or securing the loan.
Loan Payment:
Borrowers will be required to make monthly loan payments through
automatic bank draft.
Jobs Creation:
A minimum of 1 job created or retained.
Assumed name:
Must have a recorded business name with the County Clerk prior
to loan closing.
Personal loans are not eligible.
Special Features:
Business to be located in or within a 4-mile radius of Cuero.
Interest Rate:
Wall Street Prime minus 6 percent. Interest rate may NOT be less than 3%.
Amortization:
5 years or less. Possibly longer if real estate secured.
Deferment:
Principal can be deferred on a case by case basis.
Interest and servicing fee cannot be deferred.
All information is kept confidential.
For additional information, pre-applications (no cost) and applications,
contact the Economic Development Office at
cueroed@dewittec.net,
207 E. Main, Cuero, Texas 77954. Phone (361) 275-8178 or fax (361) 275-6274.
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