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CAL OSBA
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ProgramSBA Economic Injury Disaster Loan (EIDL) and EIDL AdvancePaycheck Protection Programs(PPP)Small Business Emergency Microloan ProgramCalifornia Rebuilding Fund JFLA Free LoanKiva Microloan Program (Expanded Eligibility)C-19 Recovery Loan
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Funding AmountUp to $2 millionUp to two months of average monthly payroll costs from the last year; plus an additional 25% of that amount up to $10 million$5,000 to $20,000Up to $100,000 or or up to 100% of your business’ average monthly revenues for three months prior to the COVID pandemic outbreakup to $18,000- subject to changeup to $15,000$20,000- $150,000
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Repayment TermDetermined on a case-by-case basis;
Up to 30 years		Up to 2 years; 6 month deferment but interest will accrue18 months to 5 years3 or 5 years with 1 year interst-only payments2-3 yearsup to 36 months; 6 month deferment10 years fully amortized; you may be eligible for 3 months of payments made by the SBA and have guarantee fees waived.
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Interest Rate3.75% for small-businesses, 2.75% for non-profits1% Fixed RateOption 1: 0% for a term of 6 months to 1 year; Option 2: 3% to 5% for a term of up to 5 years"4.25%0%0%Prime +2.75% -6%
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Feesn/an/an/amaximum of $250n/an/aMinimal fees financed through the loan
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Funding Timeline___There is a target of 2-3 weeks from the date a complete loan application is filled with the community lender to funding the loan.Loans can be turned around in a matter of days.30 daysAnswer in 48 hours and funding in 4-17 business days
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FICOApplicants must have a credit history acceptable to
SBA		_no credit minimum, but must have resonable personal credit historyNo FICO requirements, guarantors must have FICO of 680+n/ascore of at least 620
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UseWorking Capitalpayroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll).Working CapitalWorking capital, inventory, marketing, refitting for new social distancing guidelines, operating and emergency maintenance, property taxes, utilities, rent, supplies, and other appropriate business purposes.Small business losses; Lost wages because you can’t go in to work; Child care costs when schools are closed; Funds lost due to cancelled travel plans and more; Loans can be turned around in a matter of days. Please share this information with anyone who may need assistanceRent, Utilities, Payroll, Paying Vendors, Other CostsWorking Capital, debt refinance, pivoting the business
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CollateralNo collateral required for EIDLs under $25,000. SBA takes real estate as collateral when it is available. A loan will not be declined for lack of collateral, but requires borrowers to pledge what is availablen/aEvaluated on a case-by-case basisBlanket first or second lien on business assets to be filed by the community lender and any owners with more than 20% ownership must sign a personal guarantee2-3 guarantors with FICO of 680+, steady income, live in CA, 25+ years of agen/aUCC lien and personal guarantee required. Additional collateral may be requested.
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Time in Business Required__Business must have a Business Tax Registration Certificate with the City of Los Angeles' Office of Finance that was filed prior to March 01, 2020In business as of June 30, 2019.___
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Other eligibility requirementsEIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere.Loan will be forgiven if funds are used for payroll costs, interest on mortgages, rent and utilities
• 75% of forgiven amount must have been used for payroll
• Forgiveness is based on employer maintaining or quickly rehiring employees and maintaining salary levels
• Loan forgiveness reduced if full-time headcount declines or if salaries and wages decrease		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 employeesThe business must have employed 50 or fewer full-time equivalent (FTE) employees prior to March 2020. The business must have had gross revenues of less than $2.5 million in 2019. The business must have suffered a direct economic hardship as a result of COVID-19 which has materially impacted operations. The business must have returned to or sustained, for at least one-month, at least 30% of pre-COVID revenues relative to a similar period in 2019. The business must have demonstrated positive net income in 2019. Two guarantors with good credit and steady income are required on each loan up to $18,000.You must be willing to demonstrate your social capital by having a small number of your friends and family make a loan to youBusinesses considered small by SBA definition
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Geographic ScopeNationalNationalCity of Los AngelesCaliforniaLos Angeles or Ventura CountiesLos AngelesCalifornia, Arizona, Nevada, Washington DC and Detroit MI
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Contact InformationFor additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.Find eligible lenders here: https://www.sba.gov/paycheckprotection/findFor more information, email the EWDD Emergency Microloan Management Team at EmergencyLoans@lacity.org.Business support organizations and consortium of lenders are all listed here: https://www.connect2capital.com/p/californiarebuildingfund/For more information about our loan programs, contact info@jfla.org.For more information, contact mrodriguez@lisc.orgContact Monica Guevara to apply now: mguevara@cdcloans.com; (818) 237-7143
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Websitehttps://disasterloan.sba.gov/ela/Information/EIDLLoanshttps://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppphttp://ewddlacity.com/index.php/microloan-programhttps://www.connect2capital.com/p/californiarebuildingfund/https://www.jfla.org/coronavirus-loanshttps://www.lisc.org/los-angeles/https://cdcloans.com/recovery-loan-c-19/