Areas Served: City of Compton California
Business Services Programs: Commercial Loan Program Summary
Loan Maximum: $150,000
Loan Term Maximum: 10 years
Business Assets Requirements: The City makes available commercial financing specifically to businesses located in the City of Compton and businesses that will establish in Compton.
For individuals and applicants who do not qualify for City financing, the program offers loan packaging assistance and financing referrals.
Commercial Revolving Loan Program (RLF): This program is design to encourage commercial and industrial business development and expansion to generate employment opportunities, stimulate private investment, and in general, improve those areas within the City that have experienced economic decline, by providing a financing incentive in the form of low interest loans, providing gap financing to businesses that ordinarily would not get funded but for City financial participation.
Qualifying applicants are eligible to receive up to $100,000 for commercial retail businesses and up to $150,000 for wholesale and industrial type businesses.
The maximum loan repayment term is 10 years.
The minimum loan amount is generally $25,000. To qualify for assistance, the business must have operated for at least two years and demonstrate a capacity to pay monthly debt service.
Other qualifying criteria considered are: – Type of business – Amount of owner investment in the business – Business experience and business training – Credit history – Available collateral – Employment of Compton residents
Financing can be used to purchase: – Working capital items – Merchandise inventory and supplies – Equipment and trade fixtures – Building rehabilitation and renovation – Leasehold improvements – Building and land purchases, and – etc.
Loan Packaging Assistance and loan referrals: Individuals who do not qualify for City financing may receive loan packaging assistance and loan referrals.
Contact InformationCity of Compton
Address: 205 S. Willowbrook Avenue
City: Compton
State: California
Website:
http://www.comptoncity.org/index.php/Business-Services/business-services-programs-commercial-loan.htm
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