Monterey County Revolving Loan
DESCRIPTION
Loans to businesses located only in Monterey County.
USE OF FUNDS
Inventory, furniture and fixtures, leasehold improvements, equipment, working capital or business acquisition.
QUALIFICATION
Business must be located in Monterey County. Loan must meet employment criteria of one job created or saved for each $20,000 lent.
MINIMUM & MAXIMUM AMOUNTS
$5,000 to $400,000 dependent upon geographic location within the county.
MATURITY
Terms can be up to 25 years on real estate. 10 years on equipment and 5 years for working capital.
INTEREST RATE
Interest rate is prime plus 3%.
COLLATERAL
Available business and personal assets including machinery and equipment, accounts receivable, inventory and real property.
FEES
$200 non-refundable application fee and 2.00% of loan amount due at time of funding, plus closing costs.
Application
