Article by: Drayten Nobles, Contributing Writer

The City of Mobile is now accepting applications for a new $50 million loan program designed to support the city’s growth, job creation, and long-term economic development. 

With the help of federal funding approved by Congress, the Senator Richard Shelby Downtown Economic Development Revolving Loan Fund will be administered by the City of Mobile and coordinated with the U.S. Department of Housing and Urban Development. 

The new program will offer low-interest loans to support economic development in the Mobile area. The money collected from the loans will be repaid over time and reused to fund more projects. Eligibility for the loan will be based on federal guidelines, and projects will be evaluated based on their long-term impact. The 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 determined based on the project’s needs and federal guidelines. 

All projects have to meet federal requirements and require HUD approval, except for higher-education support projects. Some examples of suitable projects include hotel development and renovation, parking improvements and facilities, higher education and workplace development projects, and commercial and mixed-use development. 

Mayor Spiro Cheriogotis stated, “This is an incredible tool that will support the investments helping to shape the future of Mobile.” Mayor Cheriogotis expressed his gratitude towards Senator Richard Shelby for making this opportunity possible for Mobile and stated that he is looking forward to working with Senator Katie Britt and her staff. 

The city will begin reviewing applications on March 2, 2026. The applications will first be reviewed by the City of Mobile’s Neighborhood Development Department for eligibility and compliance. A review committee consisting of city staff, the Mobile City Council, and appointments from Mayor Cheriogotois will look over final recommendations. 

Over the last several years, the City of Mobile has experienced consistent growth. This growth has been led by cornerstones of the city, such as the Port of Mobile, serving as one of the busiest ports in the country, as well as recent additions such as Airbus. With this new loan plan, it doesn’t look like the growth is going to slow down any time soon.  
For more information on the loan program and how to apply, visit Neighborhood Development – For Developers: City of Mobile