Areas Served: Monterey, San Benito, San Luis Obispo, Santa Barbara, Santa Clara, Santa Cruz, Ventura counties
The California Coastal Rural Development Corporation offers a business loan guaranty program for Monterey, San Benito, San Luis Obispo, Santa Barbara, Santa Clara, Santa Cruz, Ventura counties.
Cal Coastal will guarantee up to 80% of the loan to a maximum guarantee of $1,000,000. DESCRIPTION To promote small business enterprises with special emphasis on assistance to those which will create or retain jobs.
USE OF FUNDS Inventory, accounts receivable, equipment acquisitions, farm production, revolving lines of credit, short and intermediate term loans.
QUALIFICATION Borrower must have received a commitment from a lender that participates in the guarantee program.
MINIMUM & MAXIMUM AMOUNTS $1,000,000 guarantee for each business project.
MATURITY Maximum of one year on lines of credit.
Seven years on term loans.
INTEREST RATE Market rate as negotiated by lender and borrower.
COLLATERAL Available business and personal assets, machinery and equipment, accounts receivable, inventory and real property.
FEES 2% of the guaranteed portion of the loan and a $250 documentation fee.
Contact InformationCalifornia Coastal Rural Development Corporation
Address: 221 Main Street, Suite 300
City: Salinas
State: California
Website:
http://www.calcoastal.org/loan-programs/loan-guarantee/
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