Small business loans workshop - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Small business loans workshop

One way to hedge your bets in a questionable economy is to start a business.

The City of Amarillo has teamed with the Panhandle Regional Planning Commission to provide low interest loans that will help folks start their own business.

The fact is that more than 50 percent of small businesses fail in the first five years, primarily because of lack of funding.

"Without that capital it's very hard if not impossible for a small business to start up, " says the PRPC's Chuck Rivas.

A workshop has been organized to provide information about how low-to-moderate income people can obtain low interest loans to help start a business."

"The whole package of here's something if you're thinking about starting a small business, you can learn some of the ideas, the tricks and find out what you're going to do and then how do you get started?" says Todd Steelman, the Community Development Administrator for the City of Amarillo.

The city's Community Development Block Grant Program is the source of the funding. The Panhandle Regional Planning Commission is putting the mechanism in place and Amarillo National Bank is on board also.

The PRPC will be offering anywhere from $2,000 to $35,000 for folks who qualify.

If folks do qualify for a loan, the Small Business Development Center out of WT will help them through the process.

Todd Steelman adds, "It's always good to look for a little extra income if you can. If you've been doing something on the side, or out of your home or something like that and you're ready to take the next step, then this is where you need to be and learn."

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