City of Tuscaloosa Reopens Small Business Revitalization Loan Program
October 26, 2016
The City of Tuscaloosa has announced the reopening of the Small Business Revitalization Loan Program. The program is designed to provide incentives to businesses located in the recovery area, whether start-up or existing.
"Tuscaloosa's economic revitalization since April 27, 2011 has been phenomenal," said Community Development Program Manager Caramyl Drake. "In a continued effort to revitalize these areas, the City of Tuscaloosa will reopen the Small Business Revitalization Loan Program."
The program has the potential to bring new services and retail opportunities to the recovery area that were previously unavailable to consumers in the City of Tuscaloosa. The application process will be competitive, and applications will be evaluated, rated and awarded based on the availability of funds.
Applicants can apply for up to $50,000 if located in the Alberta or 10th Avenue areas or up to $20,000 if located in the 15th Street area, and both include zero percent interest. The program is entered as a loan but will act as a grant, as long as the recipient remains compliant.
Applications and supporting information are available at www.tuscaloosa.com. They will be accepted Nov. 1 through Dec. 31 and will be reviewed collectively by the Small Business Development Review Committee.
For more information or any questions, please contact the community development program manager at 205-248-5700 or Tuscaloosa 311 at 205-248-5311.