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Enhanced Enterprise Community Revolving Loan Fund (EEC)
Description
The Enhanced Enterprise Community Loan Fund is available for eligible candidates starting or expanding businesses located within the Enhanced Enterprise Community (EEC) zones. The EEC zones are located within West Oakland, San Antonio and East Oakland.
Special areas of focus include but are not limited to businesses in transportation, food processing, (manufacturing) software, multimedia, bioscience/biotechnology, and telecommunication.
In addition to financing, borrowers receive support in the areas of business planning, accounting, marketing and advertising.
Loan Amount
Up to $249,500
Loan Term
Up to 10 years
Interest Rate
5%
Application Cost
$100
Loan Closing Cost
$500 (at the time of loan funding) + Administrative costs
Use Of Funds
Working capital
Furniture, fixtures, equipment
Machinery and equipment
Leasehold improvements
Debt refinancing
Inventory
Eligibility
For-profit business
Located in a city of Oakland designated EEC zone
Job creation/retention
Management and/or industry experience
U.S. citizen or legal alien
Demonstrated ability to repay loan
Collateral
Business assets and/or personal assets may be required as collateral for the loan
Personal guarantees/co-signers
Profitability
Profitable business or ability to show a profit in a new business
Capital
Owner must make minimum cash investment in the business of 20% for start-ups and 10% for existing businesses; minimum may increase based upon project scope and risk
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.
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