The Chapman Loan Program began as a grant from the federal government to create a revolving loan fund in East Texas. This grant was made possible by the hard work of then congressman, Jim Chapman. The CLP is designed to provide long-term financing to eligible businesses. Loan proceeds can be used for fixed assets, new construction, renovations, leased property, equipment, inventory and working capital. CLP funds can even be used in some instances to provide equity injections.
What are the Benefits of a CLP Loan?
Borrowers will benefit from a low down payment and long terms that are available through the program. Also, the wide variety of uses will allow borrowers a great deal of flexibility that may not be available through other sources.
How does the CLP Program work?
The CLP Program involves a direct loan from the ETRDC to borrowers. The borrowers injection can be as low as 10%.
How much can my business borrow?
The ETRDC is limited to a maximum loan amount of 90% of the project. Loans can range in size from $30,000 to $250,000.