The program is patterned after the SBA's Section 504 loan program, which brings banks and the government together for cooperative loans to small businesses. The only difference here is that G.E. Capital is replacing the bank's role. Officials from G.E.Capital and the SBA attended a Thursday seminar at the Holiday Inn Civic Center to explain the program to a handful of local doctors and small business owners. Medical Third Party Resources Inc. That company provides financial services to hospitals in 10 states, and its customers include the Columbia, Triad and Quorum hospital chains, Zamora said. He said he can help borrowers come up with the money by applying for incentives through local community development corporations like the Lower Rio Grande Valley Development Council.
All cities have grants.
A city can take part of its sales tax money to reinvest back into businesses. Zamora said he is targeting doctors with his plan because about 80 percent of local physicians are leasing their offices, and that threatens the viability of the medical community in the Rio Grande Valley as lease rates continue to rise. With interest rates dropping as the Federal Reserve tries to revive the staggering U.S. economy, Zamora said now is the perfect time to finance. And he said his interest rates will compare favorably with those from local banks. Suffice to say, the rates that we are charging are below-market rates.