로스앤젤레스시 마이크로 론 프로그램 $5,000 – $20,000 대출 – 이자 0%

CITY OF LA MICROLOAN PROGRAM
로스앤젤레스시 마이크로 론 프로그램 $5,000 – $20,000 대출 – 이자 0%

https://ewddlacity.com/index.php/microloan-program

https://ewddlacity.com/index.php/microloan-program

Microloan Terms

Loan Limits – $5,000 to $20,000

Interest Rates*

• Option 1:  0% for a term of up to 18 months,
    with repayment deferred for up to 6 months
• Option 2:  3% for a term of up to 5 years,
    with repayment deferred for up to 12 months (for profit businesses)
• Option 3:  2% for a term of up to 5 years,
    with repayment deferred for up to 12 months (for tax-exempt businesses)

*Loan term and rate will be determined based on the underwriting analysis and are subject to approval by the Loan Committee

Prepayment Penalty – None

Term – 18 months to 5 years

Loan Fee – No fee

Admin Fee – No fee

Application Fee – No fee

Eligible Uses – Working capital only

Loan-to-Value Ratio – 100%

Eligible Borrowers – For-profit and tax-exempt businesses in the City of LA with 100 or fewer employees that have been negatively impacted by the COVID-19 outbreak and will make their best effort to continue or re-establish their business operations and employees

Borrower Eligibility

Certification – Business must have a Business Tax Registration Certificate with the City of Los Angeles’ Office of Finance that was filed prior to March 01, 2020

Credit – There is no credit minimum, however the principal business owner(s) must have reasonable and responsible personal credit history and an acceptable explanation for any derogatory marks
Bankruptcies and debt write-offs must be at least 12 months old

Cash Flow – Businesses must show that historical profits would have been sufficient to service the requested debt and that they have been impacted by the COVID-19 outbreak

Location – Primary business operation must be physically located in a commercial–use building within City of Los Angeles boundaries
(please use this City of LA online zoning tool to determine business location)

Collateral – Evaluated on a case-by-case basis

Required Guarantors – All business owners who hold 20% or more ownership must guarantee the loan

Co-Signer – A co-signer with reasonable credit and sufficient income to re-pay the loan can be included as a guarantor to mitigate weaknesses in the loan request

Required Documentation

• Complete Loan Application
• Business Tax Returns (1 year, if available)
• Interim Business Financial Statement
• Personal Financial Statement
• Personal Tax Returns (1 year)
• Bank Statements (3 months)
• Itemized Budget for Funds Requested