BCL of Texas awarded $750K for rural business capital
Business and Community Lenders (BCL) of Texas, a statewide nonprofit community lender, has just received $750,000 in Intermediary Relending Program (IRP) funds from the US Department of Agriculture for relending to small businesses in rural areas throughout Texas.
Created to increase access to business capital in rural areas, IRP funds have been awarded to BCL of Texas twice before, and funds are consistently deployed to new businesses upon repayment.
Through BCL of Texas, recipient businesses have been able to use the funds to create over 136 jobs and have leveraged nearly $13 million in business capital. It is estimated the new fund will support the creation of 40 new jobs in rural communities with a total economic impact of $1,125,000.00, numbers that will only increase as the fund revolves over time.
The IRP Fund has been a successful program for USDA, and one that we hope to continue," said Larry Jones, area director for USDA Rural Development. "Rural business development is not just about providing capital, but utilizing the development skills of staff at intermediary organizations such as BCL of Texas to identify the businesses best suited to boost their local economy and assist them throughout the growth process to ensure those economic goals are met."
BCL of Texas offers rural businesses several options for loan funds, with loan sizes ranging from $20,000 to $250,000. Recipients are able to use the money for real estate, equipment, working capital, acquisitions, construction and refinancing, among other uses. For rural businesses that are looking to purchase or construct owner-occupied commercial real estate, BCL of Texas can assist in securing capital up to $20 million.
Additionally, Loan Officers at BCL provide one-on-one technical assistance for the life of the loan, with an average term of 5 years.
"BCL is glad to be able to partner with USDA to provide the assistance rural business owners need to stay competitive and grow," said Rosa Rios Valdez, CEO of BCL of Texas. "Capital investment in small businesses, especially in rural areas, stabilizes local economies and keeps communities thriving."
For more information on this program and how to qualify for a loan, contact a BCL loan officer at 888-718-0180, or visit www.bcloftexas.org.