Community Advantage 7(A) Loan Program
GEOGRAPHICAL LOCATION
Available in California
DESCRIPTION
To help start-up and existing small businesses with financing for a variety of general business purposes.
USE OF FUNDS
Proceeds may be used to establish a new business or to assist in the operation, acquisition or expansion of an existing business.
QUALIFICATION
Based on specific aspects of the business and its principals; what the business does to receive its income, the character of its ownership and where the business operates.
MINIMUM & MAXIMUM AMOUNTS
A maximum of $350,000 and no set minimum.
MATURITY
Maximum loan maturities are 25 years for real estate and up to 10 years for equipment.
INTEREST RATE
Prime + 3.5%, variable rate, adjusting quarterly.
COLLATERAL
Available business and personal assets, machinery and equipment, accounts receivable, inventory and real property.
FEES
Based on maturity and dollar amount guaranteed.
Application
