California Rebuilding Fund Application Portal Opens November 20th
The California Rebuilding Fund is an economic recovery loan program to support California’s small businesses—especially those located in economically disadvantaged and historically under-banked areas of the state. Businesses who employed 50 or less full-time equivalent employees (FTEs) and had gross revenues of less than $2.5 million or below in 2019 are eligible to apply. Full eligibility requirements are included in the Business Requirements tab. The application portal can be accessed starting on Friday, November 20, 2020 at www.caloanfund.org.
The loans are flexible, transparent and are designed to help businesses access the capital and advisory services they need to get through these challenging economic times.
Not all businesses will be matched with a participating community lender based on each lender’s initial criteria. If matched, you will be connected with a local community lender, which will be a certified Community Development Financial Institution (CDFI). The community lender will work with you on your full loan application. If approved, the loan will be made through that community lender and you will continue to work with them throughout the life of your loan.
There are currently twelve Community Development Financial Institutions (CDFIs) that are participating in the California Rebuilding Fund to process loan applications. CDFIs are mission-driven community lenders certified by the U.S. Treasury Department to serve small businesses who are typically unable to access credit from traditional banks. They provide small business owners with access to credit and advisory services to help them navigate uncertain economic times.
The maximum available loan amount is $100,000 or up to 100% of your business’ average monthly revenues for three months prior to the COVID pandemic outbreak (in 2019 or early 2020), whichever is less. The maximum loan amount available under this program is $100,000. The current fixed annual interest rate for loans issued under the program will be 4.25%. The interest rate will be fixed for the life of the loan.