Loans from SoCal Reinvestment CDFI are available for early stage small businesses located in San Bernardino, Orange, and Riverside Counties, seeking loans up to $100,000 for for expansion.  This program is designed for small business clients your bank may be having difficulties approving, but are strong and show capacity to repay the loan.  Borrowers may use the funds for working capital, equipment or a variety of other uses.  SoCal Reinvestment CDFI is a bankers loan consortium offering loans as a direct lender.

Watch this video to help you determine if you’re eligible:

Terms and Conditions:

• Maximum Loan Amount: $100,000
• Terms: 5-7 years, with 3 year maturity
• Interest Rate: Prime + 4.75%- 6% (fixed rate)
• No pre-payment penalties

Eligibility:

• Credit: Must have a reasonable personal credit score (above 650) and an acceptable explanation for any derogatory marks for principal borrowers.
• Capital Injection: Borrowers must have equity in the business.
• Collateral: Borrowers are required to pledge available collateral available.  Insufficient collateral could preclude borrower from obtaining financing.
• Secondary sources of repayment:
• Historic business cash flow that is sufficient to service the requested loan
• Future business cash flow based on reasonable projections
• Collateral that is equal or close to the loan amount
• Outside income source
• Co-signer with reasonable credit and sufficient income to repay the loan
• Start-up businesses: not eligible for this program
• Experience: Business owners must have at least 2 years of experience in the industry and show historical earnings sufficient to cover personal living expenses.