Representatives from the Texas Department of Agriculture presented a 2017 Small and MicroEnterprise Revolving Fund (SMRF) award in the amount of $100,000 to the City of Levelland Thursday morning in a special ceremony at Levelland City Hall.
The City with assistance from the South Plains Association of Governments and in partnership with Caprock Business Finance Corporation applied to the Texas Department of Agriculture for this funding in late 2016. The City of Levelland Small and MicroEnterprise Revolving Fund (SMRF) will be initiated with these funds and will be made available to local businesses to apply for small loans that aid in the creation or retention of jobs within the City of Levelland. The City of Levelland is excited to announce this award and new economic development endeavor in the City.
“The South Plains Association of Governments (SPAG) and Caprock Business Finance Corporation are excited to partner with the City of Levelland in this unique and exciting opportunity. Year in and year out small businesses account for the vast majority of jobs created in the United States. Since 1981 Caprock, utilizing the Small Business Administration’s (SBA) 504 Commercial Mortgage Loan Program, has assisted hundreds of South Plains small businesses create and retain jobs. In 1987 SPAG created a regional Revolving Loan Fund (RLF) that is considered one of the most successful in the State of Texas. We look forward to utilizing that experience and expertise in order to help Levelland establish an RLF that will encourage local small businesses to create and retain jobs.” – Tim Pierce, Executive Director of SPAG. Levelland City Manager Rick Osburn said, “one thing I am excited about is that these funds can be used for retail business as well as industrial business.”
Business owners will be invited to a special in-depth workshop to be held at Levelland City Hall on March 29. During this workshop all of the requirements and restrictions will be discussed.
Levelland is 1 of only 5 communities on the South Plains to receive this award and will be part of a pilot program as this is a new program for the Texas Department of Agriculture.