Areas Served: Unincorporated areas of Imperial County
The purpose of the County of Imperial’s Revolving Loan Fund (RLF) is to help create and/or retain jobs by providing businesses in the unincorporated areas with gap financing for start-up, ongoing operations and expansions.
More than 51% of jobs retained and/or created through the RLF wil be for persons from low to moderate income households.
Eligibility The RLF will assist businesses located within the unincorporated areas of Imperial County, California.
In the event that there is a business within a City that does not have an active RLF program and the business has a project that the County believes will meet the County’s community development needs, the County will consider such a loan consistent with CDBG requirements.
All types of private businesses are eligible to apply for RLF assistance, except non-profit corporations, media firms, lending institutions, real estate investment companies, recreation and amusement parks.
Proof that borrower is not able to secure 100% financing through a bank or other lending institution.
Loan Amount No more than 50% of the total cost of the project can be provided through the RLF.
It is desired the RLF funds are matched on a 1:1 dollar basis with private funds.
Use of Funds Funds may be provided for construction, land acquistition, equipment, working capital and fixed asset loans.
Davis-Bacon and/or State prevailing wages may apply on public works and/or construciton loans using RLF funds.
Interest Depending on credit and collateral, the interest rate will vary from a minimum of 2% below prime to prime plus 2% on the date of approval.
Contact InformationImperial County Planning & Development Services
Address: 801 Main Street
City: El Centro
State: California
Website:
http://www.icpds.com/?pid=622
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