The Greater Austin Black Chamber is here to help you with your business, including providing access to much-needed capital for your growing business in conjunction with the City of Austin’s Family Business Loan Program.
WHY BORROW THROUGH FBLP? The Family Business Loan Program offers advantages over traditional commercial financing: • Interest Rates: Interest rates on FBLP loans are significantly below regular market interest rates for a variety of business expansion projects • Repayment Terms: Flexible repayment terms to meeting project-specific needs and financing to fund a wide range of eligible activities • Low Equity Requirement: FBLP only requires a 10% equity injection from the borrower, eliminating a common barrier to conventional financing WHO IS ELIGIBLE? There are a few things you should know about the program before you decide whether it is right for you. Small businesses must meet the following criteria to be considered for the program: 1. Be a private for-profit business, legally organized and a going concern for at least 2 years 2. Meet the size standards of the Small Business Administration (SBA) 3. Able to demonstrate sufficient profitability to meet repayment requirements 4. Willing to locate project in the Austin area as represented by Council 10-1 plan 5. Commit to create no less than one job (FTE) for every $35,000 borrowed Additional Housing and Urban Development (HUD) and Small Business Administration (SBA) guidelines for eligibility and underwriting criteria may apply, all project must meet HUD National Objective/Public Benefit Standards