Houston Business Development, Inc. (HBD), a non-profit corporation, provides Houston-based businesses with affordable and flexible financial assistance as well as a vast array of useful resources including, affordable office space, a business technology center, one-on-one counseling and much more.

“In many respects, this may be an opportune time to begin a new business,” said Marlon Mitchell, Executive Director. “In this downturned economy many experienced and skilled individuals are pursuing entrepreneurship as a necessity due to corporate downsizing and cutbacks and we’re here to help them get off to a good start.”

Established in 1986 by the City of Houston and funded by the HUD Community Development Block Grant (CDBG), HBD offers three types of low-interest rate commercial loans with flexible repayment terms:

• Fast Track Loan – Based largely on character and credit score of at least 600, approved applicants also receive management and technical assistance.

• Amount: $5,000- $25,000

• Processing Time: 1-3 Days

• Terms: 1-7 Years

• Direct / Micro Loan – Designed for start-ups and young businesses that cannot obtain credit from conventional lenders.

• -   Amount: $5,000 - $100,000

• -   Processing Time: 7-21 Days

• -   Terms: 1-25 Years

• Tandem / Small Business Loan – The Tandem Loan assists expanding businesses by matching a traditional bank loan.

• -   Amount: $100,000-$250,000

• -   Processing Time: 7-21 Days

• -   Terms: 1-25 Years

• Must be a legally established for profit or non-profit business

• Located inside the City of Houston limits

• Business cannot surpass $25 million in sales

• (Fast Track Loan Only) Business must be located in a low-income community

• (Fast Track Loan Only) Business must be established at least one (1) year

• (Fast Track Loan Only) Credit score of at least 600

• (Tandem Loan Only) Must have a matching bank commitment

• (If loan amount is $35,000 or more) Company must create one (1) job per $35,000

“Of course, we work on a case-by-case basis, so our underwriting guidelines are not carved in stone like that of traditional banks,” explained Mitchell. “Adjustments can be made, such as providing a lower, fixed interest rate or extending the term on the loan, even if the said requirements are not completely met.”

For more information please visit www.hbdinc.org or call (713) 845-2400. The Houston Business Development Inc. is located inside the Business Technology Center at 5330 Griggs Road, Houston, Texas 77021.

About HBD:

Houston Business Development, Inc. is a nonprofit corporation established in 1986 by the City of Houston and funded by the HUD Community Development Block Grant (CDBG), created to help entrepreneurs and small business owners prosper. HBD gives financial aid along with many other resources with the goal of increasing employment opportunities and in-turn strengthening communities in Houston.