City of Mobile Launches Small Business Loan Program

Oct 24th, 2017

Mobile, Ala. -- The City of Mobile is launching a small business loan program designed to help local small disadvantaged business enterprises (DBEs) in the construction field. The program will provide up to $2,000 to qualified business owners to obtain insurance and bonding for company projects including liability insurance, workman comp insurance, or performance bonds. All funding is provided through the U.S. Housing and Urban Development Department.

All applications must include a City of Mobile business license, State of Alabama registration, a federal tax identification number and a copy of payroll history. To be considered for the program, you must be a startup business with five employees or less including the owner. The owner must also be low to moderate income as specified by the U.S. Housing and Urban Development Department and business must be located in the City of Mobile.

This loan may be forgiven if the contractor can prove they have actively been seeking work, if the contractor can provide proof of accepted bid estimates or proposals or successfully entering into a contract on a project, or if the contractor can prove completion of at least three business development courses or workshops in business management, bid estimating, construction safety, and contract negotiation. All courses can be completed within 6 to 12 months of receiving the loan.

"The goal of this program is to stimulate small businesses in Mobile and foster diversity in the business community," said Mayor Stimpson. "This program is an investment in our economic success promoting entrepreneurship and business innovation. Lifting up our disadvantaged small business owners is the key to both creating One Mobile and becoming the most business friendly-city by 2020."

Interested business owners can contact the City Supplier Diversity Manager, Archnique Kidd, at Archnique.kidd@cityofmobile.org or call (251) 208.7434.