A forgivable loan from the City of Mobile
Are you a construction company, homebuilder, or construction support company? Have you been impacted by the COVID -19 crisis?
If you meet the requirements, you may be eligible for a forgivable loan from the City of Mobile.
Each applicant (Business Owner) will have to meet HUD income guidelines and, once approved, will have a $2,500.00 maximum loan limit. After the loan has been utilized, the applicant will be responsible for the remaining balance.
Applicant MUST be listed as owner in public records or provide documentation at time of application that they are authorized to enter into loan agreements. Business MUST be attempting to provide services or do work in the Corporate City Limits of Mobile, AL. Applicant MUST Provide Estimated Insurance Total and/or City of Mobile Business License Fee from City Revenue Department (Copy of insurance estimate from third party).
Awardees must attend a minimum of 20 hours of business development courses approved by the City of Mobile Office of Supplier Diversity (OSD) within 12-month period. The City’s OSD will offer courses along with City of Mobile Community Partners.
Show proof that the business has been actively bidding and/or successfully obtaining projects/jobs.
To apply for the Micro-Loan Program applicant must be registered as Section 3 Individual and Business, fill out the program application, and provide required business documentation outlined below.
Register and qualify as a Section 3 Individual and business on the City of Mobile Section 3 Page website.
Provide past 2 years' federal income tax returns.
Be registered with the Alabama Secretary of State Office.
Provide proof of business bank account.
Provide proof that the company is registered with E-verify.
Provide Proof that the company’s business has been affected by the Covid-19 pandemic. (Financial Records for 2019 & 2020)
The City of Mobile makes no assurance that assistance will be provided to any given business regardless of eligibility. Factors such as available funding and number of applicants will determine selection. Applicant acknowledges that further documentation may be required per HUD guidelines for underwriting and eligibility purposes and that not providing this documentation could affect any potential eligibility.
Click here to download the application.
Send your completed application with supporting documents to email@example.com
Or mail the application and supporting documents to: