Small Business Revitalization Loan Program for Tuscaloosa Recovery Area Accepting Applications
August 13, 2013
The City of Tuscaloosa is now accepting applications for the Small Business Revitalization Loan Program. This deferred loan program is available to businesses that have built back or have plans to build back in the designated recovery area.The purpose of the program is to provide economic development assistance to businesses that create and/or retain low to moderate income jobs, to encourage business development and expansion and to stimulate private investment in the recovery area.Applicants may submit loan requests up to $20,000. The loan/grant value will become forgivable after a one year compliance term. The loan project is required to begin within 60 days of signing the leasing agreement and must support the retention and/or creation of at least 51 percent low to moderate income jobs.Eligible uses for a Small Business Revitalization Loan include land and/or building acquisition, equipment, inventory, working capital, leasehold improvements and refinancing of existing debt.Special consideration will be given to minority and women owned businesses as well as those that will bring a new service to the Tuscaloosa area.Applications for the first review round will be accepted now through Saturday, Aug. 31. For application and eligibility information, please visit the Recovery page on the City's website. Contact Tuscaloosa 311 at 205-348-5311 with any questions regarding the Small Business Revitalization Loan Program.