COUNTY BUSINESS EXPANSION LOAN PROGRAM
The County Business Expansion Loan Program (CBELP) provides financial assistance to small and medium sized businesses located in Los Angeles County.
How May I Use Funds?
Loan proceeds may be used for property acquisition, equipment/machinery purchases, and working capital.
How Much Can I Borrow?
Loan amounts range from $25,000 to $1,000,000.
Who is Eligible?
Loan assistance is available to existing and start-up, small and medium sized firms within Los Angeles.
Companies and principals must exhibit good credit and show evidence of repayment ability. Applicants must demonstrate a financial need for a CBELP loan and confirm that the project offers a public benefit. The CBELP may accompany, but not replace, private sector financing.
What is the Current interest Rate?
Rate currently set at 1% above prime.
What is the Loan Fee?
The loan fee is 2(%) points, plus any third part costs.
What are the Loan Terms?
Repayment terms will generally be based on the useful life of the assets being financed and the borrower's ability to repay. The useful lives are generally 7 years for working capital, 10 years for equipment/machinery purchases and 20 years for real estate.
Is Collateral Required?
The applicant must be willing to pledge collateral owned by the business or its principals to secure loan proceeds.
Contact:
Iris Alvarado, Loan Programs Administrator
E-mail: iris.alvarado@lacdc.org
Phone: (323) 890-7044
Fax: (323) 890-8575
Rodolfo Quiroz, Loan Officer
E-mail: Rodolfo.Quiroz@lacdc.org
Phone: (323) 890-7202
Fax: (323) 890-8575