Business Loan Programs – Yuba-Sutter Economic Development Corporation
As the regions, lead economic development organization, Yuba-Sutter Economic Development Corporation (YSEDC) has partnered with local jurisdictions, United States Department of Agriculture and local lending institutions to create several loan programs to make credit available to entrepreneurs that may not be able to qualify under conventional lending criteria.
YSEDC’s business loan program offers financing to existing and start-up businesses, preparing them for growth and expansion and ultimately strengthening our local economies by creating new jobs.
Potential candidates include established small and medium sized businesses or new start-up businesses and can be corporations, partnerships or sole proprietors that are located within Yuba and Sutter counties.
Eligible Uses – Purchase of land, buildings, machinery and equipment – Working capital for inventory, supplies, wages, marketing and advertising – Business start-up costs Amount In general, loans are available from $25,000 to $150,000. Loan requests either larger or smaller than the listed range may also be considered.
Terms & Rates Based on the loan and the borrower needs, interest rate is generally fixed at or below prime rate.
Minimum Requirements – Complete application – Business plan – Creation of one job for every $35,000 borrowed – Adequate new or existing collateral as loan security – Commitment of new equity by the borrower (10% for existing businesses, 20% for start-ups) – Business located within Yuba and Sutter counties