Microenterprise Assistance Program
Stina McDaniel, Divide Chamber of Commerce, 4/25/2012
The Microenterprise Assistance Program provides mentoring, technical assistance, advisory services and workshops to assist in managing new or existing businesses.
The Microenterprise Assistance Loan Program provides low interest rate loans ranging from $1,000 to $25,000 to eligible applicants to finance working capital, inventory purchases, equipment acquisition and furniture/fixtures. All loans are fully secured by collateral and no unsecured loans are made. Types of collateral may include: liens on real property; deeds of trust; liens on machinery; equipment or other fixtures; lease assignments; personal and/or corporate guarantees; and other collateral, as appropriate.
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:
Prospective entrepreneurs and start-up or existing small business owners with 5 or fewer employees, including the owner(s).
The applicant must earn 80% or below of the area median income for household size, and must demonstrate an ability to make repayment on the loan.
The existing or proposed business must be operated in the unincorporated areas of El Dorado County, and must be commercial or industrial.
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) 642-4864 or (530) 642-4863 for more information.