Areas Served: El Centro California
The Revolving Loan Fund has been established to assist El Centro commercial and industrial growth by providing gap financing to businesses that will create or retain jobs.
ELIGIBILITY: To be eligible for RLF Program assistance a business must be looking to expand or locate within the area of El Centro.
Owners of commercial properties may also be eligible for RLF financing only when immediate jobs will be created and/or retained consistent with program goals.
The Commercial/Industrial RLF Program is prioritized to the commercial and industrial target areas.
The City will perform a complete financial analysis of each application to assess the viability of the proposed project.
Applicants must demonstrate a reasonable financial ability to repay the debt, and have experience in operating the business for which they require financing.
LOAN AMOUNT: The minimum standard job/cost ratio is one job per $35,000 of RLF funds.
It is desired the RLF funds are matched on a 2:1 dollar basis with private funds.
USE OF FUNDS: Funds may be provided for construction, land acquisition, equipment, working capital and fixed assets.
INTEREST: Below-market rates TERM: Maximum term equivalent to principal lender.
May negotiate for acceleration provision.
COLLATERAL: The RLF loan must be secured with asset adequate to cover loan amount (security: liens on business and/or personal assets, may also require interest in real property).
Equity: 10-20% equity injection by the borrower of the total project coSt.
Contact InformationCity of El Centro
Address: 1249 Main Street
City: El Centro
State: California
Website:
http://www.cityofelcentro.org/userfiles/file/06092009_FactSheet.pdf
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