Areas Served: Northern California
Economic Development Loans are available to ventures in the 46 northernmost counties of California that produce jobs, income, wealth and economic stability, including worker-owned cooperative business.
Loans range from $10,000 to $2 million or more through loan participations, with loan terms spanning sixty days to ten years.
Interest rates generally range from 7% to 9%.
We often adjust amortization schedules so we can offer lower monthly payments and other flexible features to assist our borrowers.
The Microloan Program was created by SAFE-BIDCO to encourage community economic development and job creation in Northern California by providing funding for small business.
This program can fund the majority of a project.
Loan proceeds may not be used in conjunction with other business financing to meet other lender requirements.
The applicant needs to demonstrate commitment to the project by cash, equity or other types of collateral.
All individuals with 20% or more ownership must personally guarantee the loan.
Eligible Borrowers This program is open to small businesses looking for financing to expand operations, start up, or acquire an existing enterprise.
The applicant must demonstrate the ability to repay the loan from current or projected cash flows.
Moderate to good credit is required.
Eligible Projects – Business startup or acquisition – Expansion or modernization – Inventory – Furniture or fixtures – Equipment purchases and upgrades – Working capital Terms – Loan application fee is $150.00 – Loan fee 1.50% of loan amount due at loan closing – $1,000 to $25,000 – 3 to 6 years (depending on size and purpose) – Maximum loan amount by single borrower is $100,000
Contact InformationSAFE-BIDCO
Address: 1377 Corporate Center Parkway, Suite A
City: Santa Rosa
State: California
Website:
http://www.safe-bidco.com/loan-programs/micro-loans/
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