Bastrop, a town buzzing with charm, is full of local businesses with big ambitions, but sometimes, vision isn’t always enough. Access to funding—especially flexible, affordable funding—can be the missing link between idea and impact.
That’s where the BEDC and Roscoe Bank, a Division of Cornerstone Capital Bank, step in. Together, they’ve developed the Revolving Loan Fund (RLF)—a lifeline that helps these businesses start, grow and reinvest in the Bastrop community.
The RLF offers low-interest loans from $2,500 to $10,000 with terms of up to five years. It was created for local small businesses and entrepreneurs who may not meet traditional lending requirements. Funds can be used for equipment, property improvements, inventory or expanding operations. The program pairs dollars with crucial support such as credit consulting from Roscoe Bank's financial professionals.
Now, in its 30th year, the BEDC provides guidance, resources and long-term investment in the success of Bastrop’s business community.
“People don't just need free money, and there's no such thing as free money,” said Dori Kelley, business attraction, retention and expansion manager at the BEDC. “We didn’t want to just give them a loan. Our goal was to offer well-rounded, organic support that empowers local businesses."
Roscoe Bank has supported Texas communities since 1906—and Bastrop since 2004—through development lending, as well as giving to causes such as education, food security and sustainable homeownership. In 2022, the bank joined forces with Cornerstone Home Lending to form Cornerstone Capital Bank.
“This merger was more than a business decision,” Market President of Roscoe Bank Rick Womble said. “We came together around a shared mission: to make a positive difference in the communities we serve.”
This shared mission sparked Roscoe’s partnership with the BEDC. Roscoe has pledged $20,000 a year to the RLF, with the BEDC matching the bank’s annual installments with $30,000, to grow the fund to $250,000 over five years
The process of signing a business up for the RLF is a team effort. The BEDC guides businesses through the initial steps and application process, learning about their needs. After being referred by the BEDC, businesses will complete their applications through Roscoe Bank, ensuring sound financial practices. In some cases, the BEDC steps in as a loan guarantor, providing an extra layer of support.
“We promised to elevate and invest further in the communities where we exist,” Womble said. “This partnership [between the BEDC and Roscoe Bank] is a way for us to not only invest our dollars but also share our guidance to help more local businesses, and our community, succeed for generations to come.”
Because the RLF is revolving, every repayment goes back into the fund, creating more opportunities for local businesses.
Are you a Bastrop business in need of support?
The RLF could help. To qualify, your business must be:
- A private, for-profit entity in the industrial, commercial, retail or service sector
- Located within Bastrop city limits
- In good standing with the City of Bastrop (no overdue taxes or code violations)
The above story was produced by Multi Platform Journalist Sydney Heller with Community Impact's Storytelling team with information solely provided by the local business as part of their "sponsored content" purchase through our advertising team.
