City of San Antonio Launches South Texas Business Fund.Business Editors SAN ANTONIO--(BUSINESS WIRE)--Nov. 17, 2003 Mayor Ed Garza, Assistant City Manager Rolando Bono and Economic Development Department Director Ramiro Cavazos announced a new name and direction for the 25-year-old San Antonio Local Development Company (SALDC) - the city's non-profit lending resource for small business in San Antonio and South Texas. Now known as the South Texas Business Fund (STBF STBF Subject to Booking Fee STBF Slater-Type Basis Function STBF Space-Time Beamforming ), the organization will continue to serve small, minority- and women-owned businesses, helping them access capital that may be unavailable to them through more traditional means. Pending legislation in the U.S. Congress will soon allow the STBF to compete statewide. "The new name more accurately reflects what we have been doing quietly for the past quarter century," Cavazos said. "We have been a sort of 'stealth' resource, but we have built up a solid portfolio and have helped hundreds of businesses to realize their dreams." Created in 1978 with city funds, the STBF has been self-sustaining for the past two years. Its board is appointed by the San Antonio City Council, but it does not use any city dollars to operate its lending programs or to pay its employees According to Ed Somers, a former banker who has managed the division since 2001, the STBF made 72 loans totaling $11.7 million in 2003. Since its founding, it has produced approximately 600 loans totaling nearly $275 million - and creating 12,000 jobs. "We help the 'little guy' to stand on his own two feet and to succeed in the highly competitive business world," Somers said. "And we can also help these businesses as they grow larger. Somers said that 68 percent of the businesses his organization assists are minority owned, 30 percent of them are women owned, and 56 percent are in the greater San Antonio area. The STBF is a certified development company that makes loans from $15,000 to more than $1 million through various programs and banking partnerships. Loan products include the SBA 504 Loan Purpose The Small Business Administration (SBA) 504 loan program was created to help small to mid-sized business owners acquire commercial property without the financial hassles. Program, SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government microloans, the EDA (1) (Electronic Design Automation) Using the computer to design, lay out, verify and simulate the performance of electronic circuits on a chip or printed circuit board. Revolving Loan Fund A Revolving Loan Fund (RLF) is a source of money from which loans are made for small business development projects. A loan is made to one person or business at a time and, as repayments are made, funds become available for new loans to other businesses. , the HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. Enterprise Community Loan Program, the Inner-City Loan Fund Program and the new Bill Sinkin Microloan mi·cro·loan n. A very small, often short-term loan made to an impoverished entrepreneur, as in an underdeveloped country. Fund. For more information on the South Texas Business Fund, visit www.sotexbizfund.com or call 210-207-3932 (in the San Antonio area) or 1-800-557-2532. |
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