| |
|
|
City of Oakland Micro Loan Program
Description
The City of Oakland Micro Loan provides loans to businesses located in the seven community development districts of Oakland: North Oakland, West Oakland, Chinatown and Central (including downtown), San Antonio, Fruitvale, Central East Oakland and Elmhurst.
This program focuses on supporting businesses with the ability to create permanent, full time employment for low-to-moderate income Oakland residents.
Loan Amount
$5,000 - $25,000
Loan Term
Up to 5 years
Interest Rate
7 - 9% fixed
Application Cost
$25
Loan Closing Cost
3-5% plus administrative closing costs
Use Of Funds
Working capital
Furniture, fixtures, equipment
Machinery and equipment
Supplies, material, inventory
Other start-up/expansion expenses
Eligibility
For-profit business
Located within the seven Community Development Districts of Oakland
Ability to create permanent, full-time employment for low-to-moderate income Oakland residents
Start-ups are eligible
U.S. citizen or legal alien
Demonstrated ability to repay loan
Collateral
Business assets
Personal guarantees/co-signers
Machinery and equipment
Profitability
Profitable business or ability to show a profit in a new business
Capital
Owner must make a cash investment in the business
Credit
Reasonable credit history and payment record
Additional Information
Please contact us to determine which loan program best fits your needs.
The following list of documents are typically required in a loan application. Please call us for a complete application.
Business Plan including use of funds requested, cash flow, income statement and balance sheet, with assumptions as to how you arrived at your numbers
Personal tax returns for past three years
For existing businesses, three years of financial statements, tax returns and year-to-date financial statements
Personal financial statement
Copies of business license and fictitious name statement
Articles of incorporation and bylaws
Copy of lease
Evidence of owner's investment
3 months of bank statements
Other relevant documents such as licenses and permits specific to your business
Under most circumstances, individuals that have current federal or state tax liens, defaulted student loans, or overdue child support are not eligible.
Updated as of 9/26/2006. Fees & Interest rates are subject to change at any time.
For more information, contact
Roberto Costa
, (510) 763-4297 Ext. 103
|
