Phone: 530.538.2495Fax: 530-538.2539E-mail: firstname.lastname@example.org
The City of Oroville’s Enterprise and Revolving Loan Fund (RLF) Programs have been established to provide critical capital needs to businesses and real estate projects that will create and/or retain jobs and increase the community’s tax base.
Purpose and Objectives
The Enterprise/RLF Programs are designed to provide no more than on-half of the project’s total financing requirements. The Enterprise/RLF Program Funds will only provide the funds necessary to bridge the “financial gap” that allows the project to move forward. The Enterprise/RLF Program Funds are targeted to businesses and projects that have the greatest potential for long-term job creation and/or retention, particularly jobs created and/or retained to benefit target income group households.
Funds can be used for:
The State Community Development Block Grant (CDBG) Program funds the Enterprise/RLF Program. Loans are not made from the General Fund.
Economic Benefits and Objectives
The following elements are critical in the selection of loans for the Enterprise/RLF Program:
There is no minimum loan amount. However, loans will require additional approval by the State Department of Housing and Community Development (HCD) and loans exceeding $250,000 will need HCD loan committee approval.
A loan applicant must 1) Be of good character 2) Show ability to operate a business successfully 3) Have enough borrowing ability or equity to operate on sound financial basis 4) Show proposed loan is of sound value 5) Show past earning records and ability to repay loan.
Loan Terms and Conditions
One private dollar for equity and/or debt for every Enterprise/RLF dollar lent.
Eligible applicants include ongoing and start-up private, for profit business concerns, corporations, partnerships, sole proprietorships, and cooperatives, incorporated and licenses, and are located in or expanding to the City of Oroville.
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