Areas Served: Ventura County
The EDC-VC Revolving Loan Fund is a county-wide program that provides funding for a wide range of eligible businesses in Ventura county, California.
With loans ranging from $20,000 to more than $200,000, EDC-VC assists local businesses to ensure they thrive in a competitive economy.
The EDC-VC Business Loan Fund is also offered by EDC-VC to help defense and defense-related businesses create commercial, civilian and nonmilitary applications for their technology or products.
Loan funds assist dislocated defense-related workers too.
The six core business clusters covered by EDC-VC business loan funds include:
- Agriculture
- Biomedical
- Environmental
- High technology/communications
- Metals/machinery
- Plastics
Loans amounts range from $10,000 to $250,000.
Maximum loan term is 84 months.
Rates vary between 2% above prime to below prime and are set by the loan board.
Origination fees will not exceed out-of-pocket expenses plus 2% of the loan amount.
Eligibility is limited to the following: three years of business financial statements and projections; a loan rejection letter from a bank; create at least one new job per $25,000 lent.
Collateral for loans includes the personal real estate of guarantor if available; any assets purchased by the loan; and a UCC-1 filing on all business assets.
EDC-VC works closely with the cities of Ventura and Simi Valley on their Business Assistance Loan Programs.
Available loans are long-term, low-payment, below-market-priced financing for new and existing businesses.
Contact Information
Economic Development Collaborative
Address: 1601 Carmen Drive, Suite 215
City: Camarillo
State: California
Website:
https://edcollaborative.com/
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