For Immediate Release
November 1, 2006
Contact: Raquel Valdez 1-888-385-1975
512-912-9885

BCL of Texas partners with State Bank to offer Community Facility Loans

Loan program to assist Texas organizations and businesses revitalize the community

Austin, November 1, 2006:  BCL of Texas has partnered with State Bank to provide community reinvestment and development loans in Texas. Loans are available to public entities such as municipalities, counties, and special-purpose districts, as well as to non-profit corporations.  State Bank’s program is designed to develop essential community facilities for public use in rural areas. These facilities include schools, libraries, childcare, hospitals, medical clinics, assisted living facilities, fire and rescue stations, police stations, community centers, public buildings and transportation.

“The project is designed to revitalize and offer services to the community”, says BCL of Texas executive director Rosa Rios Valdez. The project must have community support and commitment in order to partner with BCL of Texas.  BCL of Texas will work to provide feasibility studies which are normally required when loans are for start-up facilities or existing facilities when the project will significantly change the borrower’s financial operations.

Applicants must have the legal authority to borrow and repay loans, to pledge security for loans, and to construct, operate, and maintain the facilities.  They must also be financially sound and able to organize and manage the facility effectively. Repayment of the loan must be based on tax assessments, revenues, fees, or other sources of money sufficient for operation and maintenance, reserves, and debt retirement.

About BCL of Texas
Established in 1990 as a statewide not-for-profit Certified Development Corporation, BCL of Texas successfully promotes business and community development and provides business capital and commercial real estate loans throughout Texas. True to its mission to create jobs through business development, BCL of Texas has helped to create jobs for more than 3,000 Texans. In addition to providing businesses with counseling and technical assistance, BCL of Texas originates, underwrites, processes, closes and services business loans to healthy, growing businesses. The organization also offers homebuyer education classes, assists first-time homebuyers with the purchase of their first home and helps customers remain responsible and successful homebuyers. BCL of Texas is a member of the nationwide NeighborWorks® Network, which engages in revitalization strategies that strengthen communities and transform lives. For more information go to www.bcloftexas.org

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