California -- The city of Irvine has joined forces with the Bankers Small Business Community Development Corporation (BSBCDC) of Orange County to provide micro-business loans and one-on-one technical assistance to local entrepreneurs. Irvine has established a $100,000 fund for firms located within its city limits and will guarantee up to 50 percent of each loan. However, the BSBCDC also has a $1.6 million loan pool open to all Orange County-based firms.
Under the program, companies that are at least 1 year old and are considered nonbankable can borrow from $5,000 to $50,000 for three-year terms. The entrepreneurs must have low to moderate incomes or be willing to create jobs for individuals in those income brackets.
Entrepreneurs are charged a $250 application fee only if they are approved for a loan, and they must pay for any out-of-pocket expenses the BSBCDC incurs during processing. A 3 percent fee is also added to each loan. For additional information, call the BSBCDC at (714) 978-1182.