Intermediary Relending
DESCRIPTION
Business loans in rural areas.
USE OF FUNDS
Working capital, equipment acquisition, plant improvements and inventory.
QUALIFICATION
Business must be located in an unincorporated area or in a city or town with a population of 25,000 or less.
MINIMUM & MAXIMUM AMOUNTS
$25,000 to $250,000.
MATURITY
7 years on loans for equipment or working capital; 15 years on real estate.
INTEREST RATE
Rate tied to prime based on credit evaluation.
COLLATERAL
Available business and personal assets including machinery and equipment, accounts receivables, inventory and real property.
FEES
2% of loan amount.
Application
CalScale, LLC was established by Kevin Flanigan in August 2007; they provide all facets of industrial weighing and measuring equipment; everything from installation, inspection, calibration, repairs and maintenance of the equipment. He came to Cal Coastal for assistance with the financing of equipment and start-up costs. Though our Intermediary Relending program (IRP) we were able to assist Kevin realize his dream of starting his own business. He is now into his third year of operation and is very proud of his expanding and profitable business.
