Program Overview
In a significant stride towards supporting the local business community, PeopleFund has secured a substantial grant of $500,000 from the City of El Paso. This grant is dedicated to the El Paso BuyDown Program, which aims to reduce interest rates to an incredibly low 2%. Small business owners within the city have the opportunity to qualify for this buydown program, provided they meet our existing credit criteria. This initiative is a testament to our commitment to fostering economic growth and stability in El Paso, one entrepreneur at a time.
Qualification Criteria
- To qualify for the El Paso BuyDown Program:
- Borrowers must be approved borrowers located within the city of El Paso.
- The maximum loan amount eligible for the buy-down program is $100,000.
- “Stacking” buy-downs is not allowed. For example, if a Veteran owns an existing business in the city of El Paso, they will receive a 7% buy-down. If that Veteran is also a woman, the amount will not be further reduced to 5%.
Join us in our mission to empower small businesses and create lasting economic impact in the heart of El Paso. Together, we can unlock the potential of your business and the El Paso community.