Micro Lending is a new and innovative program to promote the development and expansion of micro business in the Imperial Valley.
A “micro” business is a small business, which has up to five employees and financing needs of $20,000.00 or less.
Eligiblity – Businesses must operate within the Imperial County.
– Businesses must be classified as a Sole Proprietorship.
– Business employs no more than 5 people at the time of application.
– All types of private businesses are eligible to apply except: non-profit corporations, media firms, lending institutions, real estate investment companies, recreation and amusement parks.
Lending Guidelines – Loans available from $500 to $20,000. – Collateral requirements will vary according to the loan amount requested.
Collateral for loans under $5,000 may consist of cars, equipment, inventories or accounts receivable.
Use of Funds Funds may be provided for construction, land acquisition, equipment, working capital and fixed asset loans.
Davis-Bacon and/or State prevailing wages may apply on public works and/or construction loans using program funds.
Interest & Terms Depending on credit and collateral, the interest rate will vary from a minimum of 2% below prime plus 2% on the date of approval.
Terms will vary dependent on loan amount requested.
$500 to $2,500 – 2 to 24 months $2,501 to $5,000 – Up to 36 months $5,001 to $20,000 – Up to 60 months
Imperial County Planning & Development Services
Address: 801 Main Street
City: El Centro