Auburn, Ala. - The City of Auburn is accepting applications for the Micro-Loan Program, Commercial and Industrial Loan Program, and the Individual Development Account Program. All projects must comply with the requirements of the Community Development Block Grant (CDBG) program as regulated by the U.S. Department of Housing and Urban Development (HUD). The micro-loan and commercial and industrial loan programs are funded under the Section 108 Loan Guarantee provisions of HUD enabling legislation. The Individual Development Account Program is offered through a joint collaboration between the City of Auburn’s CDBG program and the Alabama Asset Building Coalition.

• Micro-Loan Program
  The Micro-Loan Program offers short-term loans for existing small businesses and small business start-ups. The Micro-Loan Program may be used to finance economic development activities needed to establish, stabilize, or expand a small business. Loans made under this program may be used for small real estate purchases, inventory and/or working capital, supplies, furniture, fixtures, machinery and equipment. For more information concerning the requirements, click here.
• Commercial and Industrial Loan Program
  The Commercial and Industrial Loan Program offers loans for the purpose of undertaking special economic development activities. Loans made under the Commercial and Industrial Loan Program may be used for acquisition, construction, reconstruction, rehabilitation or installation of commercial or industrial buildings, structures, and other real property equipment and improvements. For more information concerning the requirements, click here.
• Individual Development Account (IDA) Program
  The IDA Program is designed to assist qualified low-income individuals to acquire savings that will enable them to start or expand a business. Participants save a maximum of $2,000 which will be matched with $4,000 from the City of Auburn and the Alabama Asset Building Coalition. For more information concerning the requirements, click here.

Applications for the Micro-Loan Program, Commercial and Industrial Loan Program, and the Individual Development Account Program are available through the City’s Community Development Division:

Sharon Tolbert, Director of Community Development
City of Auburn
Community Development Division
144 Tichenor Avenue
Auburn, AL 36830
(334) 501-7280
stolbert@auburnalabama.org