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 25% or more ownership must personally guarantee the loan.
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.
- Business startup or acquisition
- Expansion or modernization
- Furniture or fixtures
- Equipment purchases and upgrades
- Working capital
- Loan application fee is $175.00
- Loan fee 2% 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 $25,000
Terms and conditions subject to change