EDFC participates in the USDA Rural Development Intermediary Relending Program (IRP).
This loan program provides gap-financing and acts as a lender-of-last-resort to startup and existing businesses in Lake and Mendocino Counties who need capital and are creating jobs.
- Loan amounts range from $10,000 to $250,000.
- Loans will be collateralized (real estate and/or UCC filings on equipment).
- Loan terms are from 1 to 10 years.
- Interest rates:
- Prime rate + 1% (base rate of 7.5%) on secured loans with deed of trust.
- Prime rate +2% (base rate 8.5%) on loans secured with UCC filings
- Eligible for California Capital Access Program (CalCAP)
Loan costs and fees:
- $100 Application Fee
- 2.5% Underwriting Fee
- $150 Loan Modification Fee
Eligible uses for loan funds:
- Purchase of equipment, inventory, and real estate.
- Leasehold improvements.
- Working capital.