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Port Arthur Economic Development Corporation

Build it, Ship it, Rail it - Port Arthur, Texas

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Small Business Micro Loan Program

03/01/2018

Updated Program Information on August 14, 2019

The Port Arthur Economic Development Corporation (PAEDC) Small Business Micro-Loan Program will support entrepreneurial and small business endeavors, which is the backbone of our local economy. The PAEDC Micro Loan Program will provide a direct funding source for qualifying small businesses in the City of Port Arthur that have the ability to repay a loan, but may not be able to obtain financing through traditional sources.

The PAEDC Micro-Loan Program will be designed to assist small Port Arthur for-profit business owners by providing loans to establish or expand businesses in the City of Port Arthur and help ensure success over time.

Small Business Micro-Loan Program Info   Small Business Micro-Loan Application

Program Goals

  • Encourage business ownership and self-employment as a means of economic self-sufficiency
  • Bridge the gap for businesses which might eventually qualify for bank financing and prepare them for traditional bank relationships
  • Facilitate job creation and retention for low and moderate income residents of the community who are employees of small businesses that would access the fund
  • Foster diversity in the business community by encouraging business ownership among ethnic minorities, women, and the disabled
  • Promote entrepreneurship and business innovation as a means of harnessing the creative potential of small business and investing in the economic success of the community

Loan FAQ’s

  • Loan terms will be 1 to 6 years
  • Interest rate will be a fixed rate of 4%
  • No penalty for pre-payment of the loan
  • Collateral will be taken equal to 100% of the loan to secure the note
  • An individual credit score of 600 or higher or a co-signer will be needed with an individual credit score of 650 or higher
  • Applicant must be a for-profit business located in the city of Port Arthur with annual gross revenues of less than $150,000
  • Denied Applicants may re-apply after six (6) months

Approved loans may be used for

  • Equipment                                         
  • Increasing Inventory
  • Marketing
  • Working Capital
  • Site Improvements

Applicants will be required to provide the following information:

  • Credit Bureau Report (within the past 30 days)
  • Copy of Driver’s License
  • Business Plan
  • Proof of Business Ownership
  • Copy of last three years tax returns (personal and business)
  • Profit and Loss Statement
  • Balance Sheet
  • Accounts Receivable/ Accounts Payable
  • Collateral equal to 100% of the loan

Maximum funding limits are based on gross revenues

  • Gross revenues of less than $20,0000 | $15,000 limit
  • Gross revenues between $20,001 to $40,000 | $20,000 limit
  • Gross revenues between $40,001 to $60,000 | $25,000 limit
  • Gross revenues of more than $60,000 | $30,000 limit

A loan committee will be established to consider all applicants.

PAEDC will be responsible for administering and monitoring the distributed funds. PAEDC will make a visit to each applicant business once the application has been received. Approved applicants will be required to sign a promissory note in the event of default. Applications and accompanying documentation will be reviewed for financial stability. Financial security and financial viability will be a contributing factor in the approval of fund disbursement.

Incomplete applications will not be reviewed.

Applications are also available for download here.

Small Business Micro-Loan Program Info   Small Business Micro-Loan Application

Filed Under: Community, News

Recent News

  • PAEDC CEO Floyd Batiste Receives Prestigious Leadership Award 09/22/2020
  • LSCPA Scholarship 02/05/2020
  • SPUR 93 BUSINESS PARK LANDSCAPE AND IRRIGATION MAINTENANCE RFP 01/03/2020

Newsletters

  • View the 2017 Newsletter
  • View the 2016 Newsletter
  • View the 2015 Newsletter
  • View the 2014 Newsletter
  • View the 2013 Newsletter

Get The Visitors Guide

Port-Arthur-Texas-VisitorsThere is plenty to do in Port Arthur and the surrounding areas. Click the following link to visit the Port Arthur Convention and Visitors Bureau to get your copy of the newest visitors guide.

Download the Guide

PAEDC Staff

Floyd Batiste
CEO, Executive Director, PAEDC
fbatiste@paedc.org

George Davis
Deputy Director, PAEDC
gdavis@paedc.org

Jana M. Barnes
Facilities Manager, The Press Building
jbarnes@paedc.org

RaNoda McClain-Lee
Workforce Development Manager
rmcclain-lee@paedc.org

Krystle Muller
Contract Compliance Manager
kvillarreal-muller@paedc.org

Rachel Jacquet
Financial Officer
rjacquet@paedc.org

Joan Collazo
Executive Secretary
jcollazo@paedc.org

Elijah Guillory
Maintenance
eguillory@paedc.org

  • Greater Port Arthur Chamber of Commerce
  • Port Arthur Convention and Visitors Bureau
  • Port Arthur Minority Chamber of Commerce
  • Port Arthur Independent School District
  • Jack Brooks Regional Airport
  • City of Port Arthur Texas
  • Lamar State College Port Arthur

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501 Procter St., STE 100 | Port Arthur, TX 77640 | 409-963-0579 | Log in



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P.A.E.D.C.
  • Business Retention Survey
  • Home
  • Community
  • Site Selection
    • Economic Overview
    • Available Properties
    • Business Parks
      • Spur 93
      • HWY 73
    • Tax Structure
    • Workforce
    • Education
    • Transportation
  • Incentives
    • Overview
    • Tax Incentives
    • Training
  • About
    • Quality of Life
    • Board Members
    • PAEDC Staff
    • Agenda / Minutes
    • Monthly Meetings
    • News
    • Newsletters
    • Events
    • Privacy Policy
  • Newsletter
  • Contact