El Paso Collaborative Services
The El Paso Collaborative is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI). CDFIs provide equal access to capital and lending opportunities for micro- and small businesses, business start-ups, home improvement, short-term mortgage and refinancing for affordable housing, and community facility loans for not-for-profit agencies.
The Collaborative also provides financial literacy and financial development services to current and prospective borrowers. Loans may range from $1,000 to $50,000. Larger loan requests may be considered. Interest rates do not exceed 10 percent. Loan terms range from one to five years.
Credit Building Program
In coordination with Project Vida’s Microenterprise Technical Assistance Program (MTAP), El Paso Collaborative offers loans to help MTAP client businesses establish credit and/or assist with minor business expenses. Collaborative staff help loan recipients prepare a plan for improving their credit. Loan funds must be used directly for business expenses. Loan amounts for this program range from $1,000 to $5,000.