COUNTY FLOAT LOAN PROGRAM
The County Float Loan Program (CFLP) provides short-term, interest-only financing for large projects that promote economic development and job creation/retention in Los Angeles County.
How May I use Funds?
Loan proceeds may be used for property acquisition, equipment/machinery purchases, tenant improvements and working capital.
How Much Can I Borrow?
Loan amounts range from $1 million to $10 million.
Who is Eligible?
Loans are available to businesses, real estate development firms and jurisdiction for projects that stimulate economic growth. Projects must create necessary and appropriate public benefit, including job creation/retention, elimination of slum and blight, or provision of needed services.
What is the Current interest Rate?
The CFLP rate is below prime.
What is the Loan Fee?
There is no loan fee with a CFLP loan. All third party costs are to be paid by borrower.
What are the Loan Terms?
The CFLP is a short-term, interest-only instrument, repayable in two and one-half years to five years.
Is Collateral Required?
Collateral is required in the form of an AA rated, direct pay, irrevocable, callable on demand letter of credit. The form and issuer of the letter of credit must be approved by the CDC.
Contact:
Iris Alvarado, Senior Loan Officer
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