Monterey County Revolving Loan Program

Description

Designed to promote small business enterprises. Loans to businesses that will create economic growth and retain employees.

Use of Funds

Working capital , equipment acquisition, plant improvements and inventory.

Financing Method 

Loans are reviewed, granted and monitored by Cal Coastal using funds from the County of Monterey.

Qualification

Business must be located in Monterey County

Maximum Amount

Loan amounts range up to $250,000

Maturity

Seven years on loans for equipment or working capital; 30 years on other uses if secured by real estate.

Interest Rate

Variable rate tied to prime.

Collateral

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

Fees

$200 non-refundable fee. 2% fee on loan amount at closing.