Loan Program Recipient Awarded Funds

Ms. Anna Melina Becomes the First Business to Receive Revolving Loan Funds Port Isabel Economic Development Corporation (EDC) announces the first recipient of the Port Isabel Revolving Loan Program (RLP): Ms Anna Melina, owner of Anna's Hair and Nail Salon. Ms. Melina applied for and was approved for a loan from the Port Isabel RLP to help her expand and improve her business located at 111 E. Maxan Street, Port Isabel, TX. Under the leadership of Mayor Joe Vega, the current Port Isabel City Council Members, and the Port Isabel EDC, a community-based revolving loan program was 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 RLP is funded by the Port Isabel EDC and a grant from the USDA Rural Enterprise Business Grant program. The Port Isabel RLP is managed by Reyna and Associates (956) 583-7431. 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. Businesses interested in the program can contact Carolyn Bogardus at (956) 943-0705, or Petra Reyna at (956) 330-4292 or at (956) 583-7431. Revolving Loan Program information and application packet: http://www.portisabel-texas.com/piedc/20100618revolving-loan-app.pdf. Contact: Petra Reyna Reyna & Associates P.O. Box 1052 Mission, TX 78573 (956) 583-7431-office (956) 583-7445-fax (956) 330-4292-mobile petrareyna.associates@gmail.com
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