Westside Development Corporation Announces Application Period for 2015 Loan and Grant Program

SAN ANTONIO, T.X. – The Westside Development Corporation (WDC) announced today its 2015 application period for its loan and grant program benefiting Westside businesses and social enterprises. Up to $165,000 is available between the two programs. The application period is open from Monday, March 2, 2015 through Friday, April 9, 2015. There is $33,000 available in grant funds for entities that meet eligibility requirements.

The grants are available in amounts up to $5,000. There is $132,000 available in loan funds for entities that also meet eligibility requirements. The minimum loan amount is $5,000. Businesses and social enterprises can apply for both a grant and loan.

“Small businesses and non-profit social enterprises are a key engine of growth in our empowerment zone, yet they often struggle to secure conventional loans to help them expand,”WDC President Leonard Rodriguez said. “Finding ways to increase the flow of capital to creditworthy enterprises is crucial to growing our local economy.”

The WDC has also developed the Business Credit Building University, which aims to provide credit-building technical assistance to small businesses that seek access to loans from traditional banking institutions. The WDC’s Business Growth Grant and Loan program is generously funded by the City of San Antonio. Since its formation in 2006, the City has collaborated closely with the WDC to deploy approximately $585,000 to area businesses and organizations.

“Economic growth is crucial to the Westside,” WDC Chair Christopher Martinez said. “This
business credit initiative will help more business owners get access to the capital they need to
expand and create jobs. By also helping to provide financing, we can ensure that the Westside’s
local economy continues to grow.”