ECONOMIC DEVELOPMENT BLOCK GRANT PROGRAMBusiness Assistance Loan Program
Business Assistance Loan Program Brochure
The El Dorado County Business Loan Program (BLP) is designed to provide the critical and necessary capital needs for business and real estate projects within the County and to increase the commercial and industrial base of the community. The Business Loan Program provides low interest rate loans to eligible business applicants, which will in turn create and/or retain jobs for low-income individuals. As program loans are repaid, the funds are then revolved and made available as loans to new business applicants.
Funding for this program is provided through the State Community Development Block Grant (CDBG) program and the County‘s revolving loan fund.
Eligible applicants include:
Funds can be used to assist businesses through:
Loan funding guidelines:
Job creation/retention requirements:
For up to every $35,000 borrowed, the loan recipient is required to create or retain one full-time equivalent job (1,750 hours annually). A minimum of 51% of the jobs created or retained are to be filled by persons earning at or below 80% of the El Dorado County area median income for household size at the time of hire.
See the State Table of Income Limits for the current CDBG Income Limit Categories for El Dorado County at www.hcd.ca.gov/hpd/hrc/rep/state/incNote.html.
HOW TO APPLY
Call (530) 621-5159 or (530) 621-5158 for more information.
Financing by the County’s Loan Programs are subject to availability of funds.
El Dorado County Business Assistance Loan Program makes loans without regard to age, race, color, religion, gender, national origin, sexual preference, marital status or disability.