Areas Served: Coalinga, California
The Loan Program is generally designed for gap financing to assist new and expanding businesses in the California City of Coalinga.
Loan Program Overview
Eligible Applicants: Any new or expanding business in the City of Coalinga is eligible to apply.
Loan Limits: The maximum loan amount is $50,000.
Leveraging requirements: Loan funds must be matched by private financing or equity investment funds generally to a 2-1 ratio.
Thus, an applicant must obtain $2 of private funds for every $1 of public loan money from the City’s Revolving Loan Fund.
Thus, for example, if a person needs $90,000, they might invest $25,000, get a bank loan of $35,000, and then borrow $30,000 from the City’s Revolving Loan Fund.
Job Creation Requirements: It is expected that 1 job will be created for every $ 10,000 in loan money.
Location: Businesses must be located (or locating) in the City of Coalinga.
Use of Funds: Loan funds can be used for a wide variety of business related uses including startup expenses, capital assets, tenant improvements and working capital expenses.
However funds cannot be used to refinance existing debt.
Interest Rate: Variable rates.
Contact InformationCity of Coalinga
Address: 155 W Durian
City: Coalinga
State: California
Website:
http://www.coalinga.com/?pg=18
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