A community-based revolving loan program has been established for the purpose of spurring economic growth in the community by assisting local small business-owners access capital for expansion of a current business or to start up a business. The Port Isabel Revolving Loan Program (RLP) is funded by the Port Isabel Economic Development Corporation (EDC) and a grant from the USDA Rural Enterprise Business Grant program.
The revolving loan program works by lending money out to businesses and as the loan is paid back, the collected money is then used to lend out to other businesses. Qualified applicants for this loan program are businesses which have 50 employees or less, and earn less than $1 million dollars in gross revenues annually. Loans are available for working capital, construction, renovations, and land and property acquisition.