City of Lakeport Business Loan Program
The City of Lakeport offers business loans funded with Community Development Block Grants (CDBG). The purpose of these business loans is to provide flexible financing to businesses which, in turn, create and retain jobs.
This program is administered by our partners at Community Development Services.
Contact Information:
Jeff Lucas, Program Consultant
Community Development Services
3895 Main Street
Kelseyville, CA 95451
707-279-1540
Jeff@cds.consulting
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Purpose: |
The City of Lakeport offers business loans funded with Community Development Block Grants (CDBG). The purpose of these business loans is to provide flexible financing to businesses which, in turn, create and retain jobs. |
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Funding Source: |
State Housing and Community Development Department (HCD) Community Development Block Grant (CDBG). |
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Loan Amount: |
From $35,000 to $210,000 depending on funds available. |
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Interest Rates: |
As low as 1.0%, based on the cash flow needs of the borrower and the risk level of the loan. |
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Collateral: |
Junior lien positions are possible, a personal loan guarantee is required. |
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Repayment Schedules/Terms: |
A deferral of payments is possible based on income and expense projections. The loan term can exceed the life of the asset. The repayment schedule is based on the capacity of the business to repay the loan. |
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Loan Fees: |
None |
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Job Creation: |
One fulltime equivalent job (30 or more hours per week) per $35,000 loaned, with 51% of the jobs to be filled by members of the low to moderate income group. |
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Use of Funds: |
Purchase of equipment, inventory, real property, working capital, debt consolidation. Construction is less preferable due to Davis Bacon Labor Law requirements. |
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Contact: |
Jeff Lucas, Program Consultant |