Areas Served: Colusa County
The purpose of the IRP Loan Program is to loan money to new or expanding businesses in the unincorporated areas of Colusa County, California.
The primary purpose of the program is to provide financing to local businesses in order to create new jobs.
The secondary purpose is to retain existing jobs.
Providing employment for WIA and CalWORKs participants is a program goal.
Loan Program Criteria/Parameters 1. The business must be located within the jurisdiction’s boundaries.
2. The business must create or retain jobs for residents of the county.
One job must be created for every $20,000 (IRP) with jobs targeted to WIA and CalWORKs participants.
3. The business must repay the loan.
4. Equity will be required.
5. Collateral will be required, as well as a personal guarantee.
6. If applicable, you will be required to pay any legal fees and title insurance premiums associated with the financing.
7. A 1.5% loan origination fee will be charged.
8. Loans are neither assumable nor assignable.
9. In companion loans, positions may be taken behind senior liens when the amount provided by the participating bank exceeds the program loan amount.
10. The maximum loan amount is $150,000. 11. Funds may be used for the purchase of equipment, inventory, working capital, real property and construction.
Loans cannot be made for agriculture production.
12. Interest rates are recommended at prime + 2% for unsecured and prime + 1% for secured loans; fixed.
13. Length of loans for inventory can be up to 3 years; working capital up to 5 years; equipment purchase up to 7 years and real estate up to 20 years.
Contact InformationColusa County One-Stop
Address: 146 Market St.
City: Colusa
State: California
Website:
http://www.colusa1stop.org/
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