Mineral Wells Area News

Second Local Incentive Program This Year Aims to Spur Business Growth

MINERAL WELLS, TX — A new small business loan program developed by the Mineral Wells Economic Development Corporation (MWEDC) is heading to the Mineral Wells City Council for final approval at Tuesday night’s meeting.

The MWEDC Small Business Loan Program is the second incentive initiative launched by the EDC this year aimed at stimulating local economic growth. It follows the Façade Grant Program, which recently approved its first applicant and could award a local business owner up to $12,500 if all project commitments are met.

Funding for the new loan program is made possible through the USDA’s Intermediary Relending Program (IRP), which provides low-interest loans to local intermediaries like MWEDC. These intermediaries, in turn, relend the money to small businesses to support economic development and job creation in rural communities. Under the program’s guidelines, MWEDC may access up to $1 million to support eligible projects in Mineral Wells.

The loan program includes five targeted funds to assist a range of business needs, from equipment purchases and building renovations to disaster recovery and childcare center development. Loan amounts range from $5,000 to $400,000, with flexible terms and competitive interest rates.

“The goal is to give Mineral Wells businesses greater access to affordable, nontraditional capital to support everything from building upgrades and equipment purchases to job creation and disaster recovery,” said MWEDC Director David Miller.

The program is designed to work in partnership with the Small Business Development Center (SBDC), which will assist applicants with business planning and technical support. Businesses that utilize SBDC services will receive priority consideration during the lending process.

If approved, loan applications must be submitted in person to the MWEDC at 107 N. Oak Ave. Required documentation includes financial records, a business plan, and a brief explanation of the expected economic impact.

For more information, interested businesses can contact David Miller at dmiller@mineralwellstx.gov or call 940-521-8809.

The Mineral Wells City Council meets Tuesday at 6 p.m. at City Hall.