Mobile Launches $50-Million Loan Program

The City of Mobile is now accepting applications for a new $50-million loan program designed to support growth, create jobs and encourage long-term economic development across the city. The Senator Richard Shelby Downtown Economic Development Revolving Loan Fund was created using federal funding approved by Congress in 2023 and will be administered by the city in coordination with the U.S. Department of Housing and Urban Development. It will offer low-interest loans to support projects that contribute to local economic development. Unlike traditional grants, the money will be repaid over time and then reused to fund additional projects, allowing the program to support multiple rounds of investment. Eligibility will be based on federal guidelines, and projects will be evaluated based on their long-term economic impact. Loan terms will vary depending on the project, with a minimum loan amount of $1 million. Interest rates will be set below market rates, and repayment terms will be structured based on project needs and federal guidelines. The city will begin its initial review of applications on March 2.