CDBG Revolving Loan Fund – City of Lompoc, California
The City of Lompoc, California provides federal Community Development Block Grant (“CDBG”) funds for eligible economic development projects.
The Economic Development Revolving Loan Fund (RLF) Program provides loan funds to eligible businesses with the ultimate objective of creating jobs for persons at 80% or less of area median income (AMI) as determined by the U.S. Department of Housing and Urban Development (HUD) for the Lompoc area.
The RLF can assist businesses to either create or retain jobs.
The City can lend up to $35,000 per full time job created.
Each job created or retained must be a full time equivalent permanent job.
The employer must obtain documentation from the job applicant at the time of hiring that the applicant’s income is at or below 80% of AMI for their household size.
Fifty one percent (51%) of the jobs created or retained must be made available to persons at this income level at the time they are hired.
A business must be able to demonstrate that the CDBG assistance is necessary for new job creation or retention.
A qualifying business can use the funds for: land or property acquisition, equipment, fixtures, and/or working capital, among other uses.