Areas Served: San Diego, Los Angeles, Santa Barbara, Ventura, South Los Angeles County
PURPOSE: To encourage banks to make small business loans in San Diego, Los Angeles, Santa Barbara, Ventura, South Los Angeles County that otherwise would not be made.
Special emphasis is placed on the creation and retention of jobs.
USE OF FUNDS:
– Working capital
– Equipment purchases
– Inventory
– Contract financing
– Business expansion
– Lines of credit
– Real estate
FINANCING METHOD: Bank will make direct loan to borrower.
PCR will issue state guarantee for up to 90% of the loan.
QUALIFICATIONS: Proceeds must be used for small businesses located in the State of California.
Borrower must show repayment ability.
MAXIMUM GUARANTEE AMOUNT: $1,000,000 for each borrower.
MATURITY: Maximum term of 7 years.
INTEREST RATE: Market rate as negotiated by lender and borrower.
COLLATERAL: Available business and personal assets (machinery, equipment, accounts receivable, inventory and real property).
FEES: 2% of the guaranteed portion of the loan $250 processing fee
Contact InformationPCR Small Business Development
Address: 3255 Wilshire Blvd., Suite 1501
City: Los Angeles
State: California
Website:
http://www.pcrcorp.org/loans
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