Eligibility
Tri-County EDC manages more than 10 different Revolving Loan Funds on behalf of its member communities. Businesses seeking financing must be located within Butte, Glenn or Tehama Counties.
Loan Programs
Use of Loan Proceeds
Tri-County EDC loan proceeds may be used for any of the following:
- Working capital
- Purchasing land, buildings or existing businesses
- Purchasing furniture, fixtures machinery and equipment
- Business expansions or start-ups
- Leasehold improvements
- Lines of Credit
Size of Loan
The size of loan that Tri-County EDC typically funds is between $25,000 - $100,000. Loan requests either larger or smaller than the listed range may also be considered.
Loan Terms
Generally, Tri-County EDC offers loan terms between three and seven years, dependent upon the useful life of the asset (loan terms for purchasing land, buildings or businesses can be up to 15 years.)
Interest Rates
Tri-County EDC interest rates generally range from the Prime Rate to 3 percent above the Prime Rate. While most loan terms are based upon a fixed interest rate, in some circumstances a variable interest rate may be warranted.
Requirements
Potential small business loan customers must inject, at a minimum, 10 percent of the total project cost. Under some of Tri-County EDC's loan programs, one job must be created for every $20,000 loaned.
Fees
Loan customers will be asked to pay an application fee of $250 (partially refundable under certain circumstances), a loan processing fee (generally 2 percent of the total loan amount) and all direct closing costs.
Loan Department
- For more info on Tri-County EDC's Loan Programs,
please contact our
Loan Department
Disclaimer
The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning creditors is The Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.
