Austin receives federal funds for small business fixed asset loans
March 06, 2012
The city of Austin, Texas, recently received $8 million in federal funds as part of the U.S. Department of Housing and Urban Development's Loan Guarantee Program, the Austin Business Journal reports.
Small business owners looking to expand their companies can apply for a reduced rate loan from the Austin City Council. Once approved, they can either receive a fixed assets
-only loan or combined fixed asset
and working capital financing through the city's public-private Small Business Development Program in the Economic Growth and Redevelopment Services Office.
According to the National Small Business Association's 2011 Year-End Economic Report, more small business owners (SBOs) entered 2012 feeling optimistic about the economic climate, with three-quarters of polled SBOs stating that they were confident about their company's future.
Nearly half (46 percent) reported revenue growth over the past six months - the highest percentage in more than three years - and the number of those who said they had seen decreases in revenue fell from 37 percent to 31 percent.
Despite signs that the economy is beginning to turn around, many businesses that want to expand their fixed asset holdings still require loans to do so.