Areas Served: South Berkeley area
The RLF offers financial assistance to existing business that lack funds to meet the equity requirement of traditional bank financing.
The RLF supplements private financing for tenant improvements, fixed machinery and equipment, and working capital in the target area of Berkeley California.
The RLF was established in the 1980’s with a $500,000 grant from the Federal Economic Development Administration (EDA) targeted to the South Berkeley area.
The RLF has expanded to include the commercial areas south of Dwight Way and commercial areas between Telegraph and San Pablo Avenues.
Eligibility To be eligible for assistance under the Revolving Loan Fund a business must: – Be located in the eligible target areas, as defined by the City and EDA – Create or retain employment opportunities – Have firm commitments for other financial components of the projects – Demonstrate that financing is not otherwise available on terms or conditions that would permit successful business operation – Willing to comply with all regulations, guidelines, policies, and requirements as they relate to the program – Demonstrate credit worthiness and the ability to repay the loan Financing Policies RLF loans will be made to qualifying businesses for working capital, tenant improvements, equipment and machinery, and real property acquisition.
Loan Size: – Standard maximum loan size of $100,000 – Working capital loans are limited to $15,000
Loan Terms are limited as follows: – Working capital loans: 3-5 years maximum; – Fixed asset loans (tenant improvements): 7-15 years depending upon asset life and collateral – Equipment loans: 3-7 years maximum – Real estate property acquisition: 15-25 years depending on asset life and collateral
Interest Rates: – Rates will be fixed and equivalent to the prime rate at the time of the loan approval by the Loan – Rates may be raised to commensurate with the degree of risk of a loan
Contact InformationCity of Berkley
Address: 2180 Milvia Street
City: Berkeley
State: California
Website:
http://www.cityofberkeley.info/ContentDisplay.aspx?id=10170
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