City of Hutto Develops Revolving Loan Fund for Local Businesses
Loans available up to $50,000 to support small business growth
HUTTO, TX— The City of Hutto and the Hutto Community Development Corporation have announced today the commitment of a $200,000 Loan Fund to support business development. New and existing businesses may apply for loans ranging from $10,000 to $50,000 for costs such as storefronts, leasehold improvements, machinery and equipment, working capital, and soft costs.
The Hutto Revolving Loan Fund, administered by BCL of Texas, a Certified Development Financial Institution and nonprofit lender, will stimulate job creation, encourage private investment, and provide a financing option to Hutto businesses.
“We are pleased to announce the formation of the Hutto Community Development Corporation’s Small Business Loan program,” said Tim Jordan, Community Development Corporation Economic Development Coordinator. “The value and role small businesses play in our economy is sometimes underestimated because, they are in fact, small. But the truth is there’s nothing small about the impact they have on our economy. These loans are critical to providing small businesses with capital to invest in people, equipment or buildings. These type of programs are something that's outstanding not only for our businesses but for the quality of life for our entire community.”
“The City of Hutto has successfully grown the business community in Hutto by attracting numerous new businesses,” said Steven Harris, Chairman of the Hutto Community Development Corporation. “With this small business loan program, the Hutto Community Development Corporation will help businesses update facilities, add staff, buy equipment, and many other possibilities. We invite you to join us for an informational session on March 8 at 11 a.m. at Downtown Hall of Fame, 205 East Street, Hutto, TX.”
Local restaurant Bistro 108 worked with BCL of Texas through the La Grange Revolving Loan Fund. Owners Mike and Susan McCathern used the loan funding to expand their business by adding a separate catering venue, which grew their revenue by about one third each year. “It made a huge difference in total income for the business,” Mike said. “We’ve been greatly supported by our community. BCL of Texas was so easy to work with – they made us feel so comfortable.”
“As the City of Hutto continues to grow, it is imperative that we look to add tools to our economic development toolbox,” said Odis Jones, Hutto City Manager. "The Small Business Loan program will help Hutto business owners develop and grow, ultimately stimulating job growth and supporting the local economy."
For more information about the Hutto Revolving Loan Fund or to apply, contact Tim Jordan at
512-759-4836 or Tim.Jordan@HuttoTX.gov.
See Also: Austin American Statesman