Areas Served: San Diego, Los Angeles, Santa Barbara, Ventura, South Los Angeles County
To make small business loans to businesses that are not traditionally bankable in San Diego, Los Angeles, Santa Barbara, Ventura, South Los Angeles County.
Special emphasis is placed on the creation and retention of jobs.
USE OF FUNDS: – Working capital – Equipment purchases – Inventory – Leasehold improvements – Contract financing – Business expansion – Real estate
FINANCING METHOD: Economic Development Administration (EDA) provides the funds.
PCR makes the loan decisions and disburses the loan proceeds.
QUALIFICATIONS: Proceeds must be used for small businesses located in Los Angeles County.
Borrower must show repayment ability.
MAXIMUM AMOUNT: $650,000 for each borrower.
MATURITY: Working capital – up to 7 years Fixed assets – up to 15 years Real estate – up to 20 years
INTEREST RATE: Fixed, or floating with the Prime Interest Rate.
COLLATERAL: Available business and personal assets (machinery, equipment, accounts receivable, inventory and real property).
FEES: Loan origination fee of 1.5% plus reasonable fees to cover the cost of loan processing.
Contact InformationPCR Small Business Development
Address: 3255 Wilshire Blvd., Suite 1501
City: Los Angeles
State: California
Website:
http://www.pcrcorp.org/finance/pcr3.htm#!loans/c1h28
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