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Micro Loans Available for Start-ups, Existing Businesses
- Updated: June 15, 2018
LiftFund success story Juan Peña of Brownsville used his LiftFund loan to purchase a special service van to carry equipment and also for working capital. With the extra working capital, he is able to purchase the parts he needs to repair air conditioning units in advance. Read more at https://brownsville.liftfund.com/2013/12/11/juan-pena/. Photo: liftfund.com
by Tony Vindell/LFN
Anyone interested in starting a new or expanding an existing business can seek the services of a company that caters to this sector of the economy.
Lift Fund, a San Antonio-based company that has 10 offices statewide including a Brownsville branch makes loans from $500 to a $50,000.
The interest rates on a loan are from nine to 12 percent for terms ranging from two to seven years.
Sergio Rodriguez, business development manager with Lift Fund, said the average loans in this area of the state are from $19,000 to $25,000.
He said the interest rate of a loan depends on an applicant‘s credit.
Lift Fund bases its business on what the company calls the 5Cs of credit. They are character, capacity, capital, collateral and conditions.
Since 1998, the company has made 938 loans in the Brownsville/Harlingen area, totaling more than $9.2 million, compared to 1,886 in the McAllen area for more than $20.8 million.
In its home base of San Antonio, Lift Fund has made 4,229 loans for more than $52.6 million since 1994.
And in the state capital, Austin, the company made 1,014 loans, totaling more than $13.4 million since 1999.
Lift Fund has offices in 12 other states besides Texas.
Rodriguez gave a workshop about their lending capabilities at the Brownsville of Chamber of Commerce.
For more information call his office at 888-215-2373 Ext. 1801 or stop by his office at the Chase Bank Building at 1475 Ruben Torres Blvd. in Brownsville.