GNC has grown and currently operates a well-seasoned Economic Development Business Loan Program that is available throughout Siskiyou County. These loans are intended to create or expand businesses and each community has their own program guidelines for loan approval. Over 15 years we have successfully secured over 100 business loan applications in the amount of 8M dollars from resource from the California Housing and Community Development in EDBG and Over The Counter (OTC) loans. This has resulted in over 370 jobs at a cost of $21,600 per loan.
- Loan funds may be used for start ups, expansion projects, and/or job retention.
- Projects may include operating capital, real property acquisition, equipment, furniture, fixtures and remodeling.
- Interest rates range from 2% – 7%.
- Loans are available to entrepreneurs who are or will hire low to moderate income residents.
- Click on the following links to download application materials:
Q. Are these loans or grants?
A. There are no grants available through these programs, all are low interest loans.
Q. What are the main advantages of these loan programs?
A. Flexible loan terms, they may be adjusted to meet the needs of a successful business, and they can be used for start-ups.
Q. What kind of jobs do I have to create to qualify for the loan?
A. Different loan programs have different requirements. Business Loan Programs require that one job be created or retained for every $35,000 loaned. Micro Enterprise Loan Programs directly benefit the low to moderate income borrower with no job creation requirement.
Q. What kind of documentation do I need to apply for a loan?
A. Expect to submit business and personal financial records, business plan, market analysis and most other documentation generally associated with business loans.
Economic Development Program Manager, E. Seata Madison 938-4115 ext 113