Retail Inventory Loan Program
Assistance is available for new or existing businesses
planning to open in the City’s designated Neighborhood
Revitalization Strategy Area (NRSA).
The assistance is in the form of a matching loan and
designed as an incentive to encourage business
development within the NRSA.
Retail Inventory Loan Guidelines
This is a matching needs-based assistance program available to new and existing business.
This is a reimbursement program. The borrower will be reimbursed 50% of approved retail
inventory purchases upon submission of paid receipts.
Staff site visit is required to confirm inventory placement and business operation.
Maximum loan is $20,000.
Matching funds must be used to purchase retail inventory.
Approval of loan requests is made at the staff level, and loan closing is administered by city staff.
The loan carries an interest rate of 3% with a deferral period of one year followed by a five year
amortization period.
All funds must be disbursed within one year of the date of loan approval. All funds not disbursed will
be used for other program participants.
Businesses receiving assistance must create at least two full time jobs.
The retail inventory loan is contingent upon a “business ready” operation properly permitted with
“Certificate of Occupancy” in place.
The business is required to submit annual profit loss and balance statements and copy of the yearend
business federal tax return or schedule.
Insurance on business, including on the inventory, must be in place before loan closing.
Interested applicants must apply 60 days in advance. A confirmation letter will be issued to applicant
to confirm City approval of the loan.
Contact: Ruben D. Gonzales, Community and Business Development Department at 336-7477474 or rubeng@cityofws.org for more information or for an application.