Mobile Reopens Applications For Forgivable Loans

The City of Mobile’s Micro-Enterprise Loan Program was recently promoted as a forgivable option for qualifying businesses that FOX10 reported is funded by state and federal dollars. The program is not new, but it has been expanded. Targeting small construction, home-building and construction support companies significantly impacted by the pandemic, it requires recipients meet criteria based on income guidelines set by the U.S. Department of Housing and Urban Development. The small loans become grants after the recipients fulfill certain requirements and can assist with such costs as business license renewals or obtaining and renewing home-builders licenses, bonding and insurance.