Intermediary Relending

Description

Designed to promote small business enterprises. Loans to businesses that will hire or retain employees in rural areas.

Use of Funds

Equipment acquisition, plant improvements, inventory, and short/intermediate term loans.

Financing Method 

Loans are granted by Cal Coastal.

Qualification

Business must be located in an unincorporated area or in a city or town with a population of 25,000 or less.

Maximum Amount

Loan amounts range from $25,000 to $250,000.

Maturity

Maximum term of 2 years on lines of credit; 7 years on loans for equipment or working capital; 30 years on other uses.

Interest Rate

Variable rate tied to prime.

Collateral

Available business and personal assets (machinery and equipment, accounts receivable, inventory and real property)

Fees

1% fee.