The California Coastal Rural Development Corporation offers a revolving business loan program for Monterey County California.
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 $250,000. 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 Rate tied to prime based on credit evaluation.
COLLATERAL Available business and personal assets including machinery and equipment, accounts receivable, inventory and real property.
FEES $200 non-refundable application fee and 2% of loan amount due at time of funding, plus closing costs.
California Coastal Rural Development Corporation
Address: 221 Main Street, Suite 300