9 Ways To Get A Business Loan In California Some Easy, Some Not So Easy Howard Simpson Independent Agent of DAC
Chapter 1 Bank Breezy Same Day Business Financing up to $25,000 Easy Online Process - Instant Offer for Capital You Need Minimum You Need to Qualify: Generating at Least $5,000 in Monthly Sales Each of the Last 3 Months In Business at Least 6 Months U.S. Based Business With an EIN# Operating Through a Business Checking Account Credit Score of 450+ * Soft Credit Pull Will Not Impact Your Score When you apply, you will be assigned a personal account manager, so be sure to ask them about the HUGE Early Payoff Discounts. They Can Fund Up to $25,000 if You Meet Revenue Requirements.
financemybusinessrightnow.com
Chapter 2 David Allen Capital, Inc. Business Requirements For Funding - Business has done at least $20,000 in sales each of the last three months. If not, please apply for instant approval and same-day funding with our “up to $25k today” link above, requiring only $5k/mo sales. - Bank Account IS NOT A PERSONAL account. - You have at least three deposits per month in your business bank account. - You have less than five days with a negative bank balance or NSFs in the last 30 days.
DavidAllenCapital.com/102559304
Chapter 3 Loan Guarantee Program IBank’s Small Business Finance Center features a loan guarantee program designed to assist small businesses that experience capital access barriers. The Small Business Loan Guarantee program encourages lenders to provide funds to small businesses to help them grow and prosper. Originally known as the Small Business Loan Guarantee Program (SBLGP), the SBFC received seed money in 1968 to reduce unemployment by supporting entrepreneurship and small businesses. The Finance Center promotes statewide economic development by increasing opportunities for entrepreneurs, the self-employed, microbusinesses, and small business owners to better access capital and other technical resources. The Small Business Loan Guarantee program helps businesses create and retain jobs and encourages investment in low- to moderate-income communities. The Small Business Loan Guarantee program is available to small businesses throughout California and serves hundreds of small businesses each year. - Eligible applicants include small businesses with 1-750 employees. Credit qualifications are based on lender criteria. - One of seven Financial Development Corporation (FDC) partners throughout the state can help provide technical assistance and process loan guarantees for qualifying small businesses. IBank’s partner FDCs collectively have more than 1,130 years of lending expertise on staff and more than 525 years serving the SBFC directly. - Eligible uses of the Small Business Loan Guarantee program financing proceeds include start-up costs, construction, inventory, working capital, business expansion, agriculture, lines of credit, and more.
https://www.ibank.ca.gov/small-business/loan-guarantees/
Chapter 4 Disaster Relief Loan Guarantees One of the IBank Small Business Finance Center’s loan guarantee programs is designed for Disaster Relief and is currently available to small businesses needing assistance to overcome economic injury caused by COVID-19. Companies should apply directly with one of the participating lenders below. The loan guarantees provided for the Disaster Relief Loan Guarantee Program help mitigate barriers to capital for those small businesses that do not qualify for federal disaster funds, including enterprises with lowwealth and immigrant communities. Who Qualifies? Are You Eligible? Small Businesses located in California with 1-750 employees that have been negatively impacted or experienced disruption by COVID-19 and eligible nonprofits can use the Disaster Relief Loan Guarantee Program.
https://www.ibank.ca.gov/small-business/disaster-relief/
Chapter 5 California Rebuilding Fund * The fund shall be managed and controlled by its private sponsors and is independent of the state of California. The California Rebuilding Fund- a public-private partnership aggregates funding from private, philanthropic, and public sector sources. Including a $25 million anchor commitment from IBank – to address California’s small businesses’ capital and advisory needs as they reopen and recover from the COVID-19 health and economic crisis. This program is built to serve the smallest of small businesses that make up an essential part of the California economy and will focus on historically under-resourced communities. Once the California Rebuilding Fund launches, small businesses will seek loan capital through a central online portal to complete a pre-application that will match them with a participating community if a favorable initial eligibility determination is made lender. The lender will verify eligibility for a small business loan and invite the business to submit a complete application. Once underwritten and approved, the lender will draw from the California Rebuilding Fund, make the small business loan, and subsequently transfer the majority of the small business loan to a particular purpose vehicle (“SPV”). The money to make the loans to the community lenders will come from participating banks, corporations, foundations, philanthropists, government entities, and nonprofits interested in joining California to support this effort. The capital provided to fund the small business loans will be in loans to the California Rebuilding Fund, secured by the equity interest of the California Rebuilding Fund in the SPV.
https://www.ibank.ca.gov/small-business/california-rebuilding-fund/
Chapter 6 Farm Loan Program IBank’s Small Business Finance Center features a Farm Loan Program is designed to support direct loans to small farms in California through participating Corporations. These corporations are also approved lenders of the U.S. Department of Agriculture, Farm Services Agency (FSA) that guarantees up to 90% of those loans.
https://www.ibank.ca.gov/small-business/farm-loans/
Chapter 7 The State Small Business Credit Initiative The State Small Business Credit Initiative (SSBCI) was created through federal legislation – the Small Business Jobs Act of 2010. The initial SSBCI program (SSBCI 1.0) was funded with $1.5 billion to strengthen state programs that support the financing of small businesses. California received $168 million of the $1.5 billion shared between two state agencies focused on small business support. The California Infrastructure and Economic Development Bank’s (IBank) Small Business Finance Center and the California Pollution Control Financing Authority’s (CPCFA) California Capital Access Loan Program, housed inside the State Treasurer’s Office. For more information regarding SSBCI from the U.S. Treasury: https:// home.treasury.gov/policy-issues/small-business-programs/state-smallbusiness-credit-initiative-ssbci/ssbci-2021
https://www.ibank.ca.gov/small-business/ssbci/
Chapter 8 Participating Lenders Qualifying small business owners may apply directly with a participating lender: • Mission Driven Finance (Nonprofits in San Diego County) • National Asian American Coalition (Statewide) • Working Solutions (Bay Area) • Santa Cruz County Credit Union (live or work in Santa Cruz County – must be a member or willing to become a member) • MEDA (San Francisco Bay Area) • 3CORE (Butte, Tehama, and Glenn counties) • Accion (San Diego, Imperial, San Bernardino and Riverside Counties) • Pacific Asian Consortium in Employment (Unincorporated areas of District One of LA County, all of the area within boundaries of City of Los Angeles & South LA County) • First Northern Bank of Dixon (existing clients as of April 7, 2020) • Pacific Community Ventures (Statewide) • Economic Development Collaborative (Ventura County, Santa Barbara County) • Main Street Launch (San Francisco City and County) • Opportunity Fund (Statewide)
https://www.ibank.ca.gov/small-business/participating-lenders/
Chapter 9 The California Office of the Small Business Advocate (CalOSBA) The California Office of the Small Business Advocate (CalOSBA) supports economic growth and innovation. It ensures that ALL California small businesses and innovative start-ups have the information and direct support needed to better navigate resources, programs, and regulations. CalOSBA serves as the voice of small businesses, representing their views and interests across the state and advocating for equitable access to capital, markets, and networks so that all California small businesses successfully start, manage, grow and become more resilient.
https://calosba.ca.gov
