Thursday night, the College Station city council approved setting aside $250,000 dollars for loans to College Station based small businesses.

Economic development director Natalie Ruiz says applicants could receive up to $25,000 dollars.

The loan could be repaid immediately with federal money, or over a three year period with an interest rate of three percent.

Ruiz says a similar program has the endorsement of the Bryan Business Council's finance committee.

A special meeting of the Bryan Business Council is scheduled for Monday afternoon to consider participating.