Since 1996 the Economic Development Collaborative (EDC) has been committed to consistent business growth and economic prosperity for the region. As the largest public-private economic development partnership in the region, EDC provides capital and direct business consulting to about a thousand businesses annually.
As your business advisor for life, the EDC has successfully led and sponsored several financial programs and loan funds to help businesses grow at all times. With the pressing financial challenges presented by COVID-19, the following are a few of our loan funds that will help you sail through these testing times.
EDC Disaster Bridge Loan Fund
In addition to our traditional loan facilities, we also provide disaster loans via our Disaster Bridge Loan Fund. These loans are meant to boost the cash flow of businesses that have been impacted by supply chain disruptions, reduced sales, or any other disaster-related challenges.
At the EDC, we have been helping businesses survive disasters since the devastating 1994 Northridge Earthquake. Through the destructive wildfires, mudslides, recession, and the pandemic wrought by COVID-19, the EDC has supported Ventura and Santa Barbara County businesses by providing affordable, low-interest loans.
Loan recipients who’ve been affected by the pandemic can choose to pay interest only for the first 6 months of their loan term. So regardless of your financial position, talk to the team at the EDC loan team to find out more about the kind of support that’s available to you.
You can use the funds for the following:
• As working capital
• For inventory and equipment purchases
Terms and Eligibility
• You can get $5,000 to $50,000 in funding
• The maximum loan term is 48 months (this will be 54 months for new recipients affected by COVID-19 who opt to pay interest only for the first 6 months)
• An interest of 4.25% will be charged
• You don’t need to pay an origination fee
• You need to provide your financial statements (of the last 3 years) and/or financial projections
• Collateral for loans such as the personal real estate of the guarantor and/or the assets bought with the loan in addition to the UCC-1 filing on all of your business assets.
EDC Business Development Loan Fund
Businesses in all sectors can access the Business Development Loan Fund provided by the EDC. The fund makes affordable, long-term financing available to new as well as established enterprises. You can use the funding for the following:
• Working capital
• Leasehold improvements
• Debt restructuring
Terms and Eligibility
• You can get $10,000 to $250,000 in funding
• The maximum loan term is 84 months
• The loan origination fee is 3%
• You need to provide your business’s financial statements or/and financial projections for the past 3 years
• Within the first to 12 to 18 months of receiving the funds, you should create a new job for every $25,000 loaned
• Collateral for loans like personal real estate of the guarantor and/or the assets bought using the funds as well as the UCC-1 filing on all of your business assets
Use these COVID-19 resources to grow your small business in Ventura County. For more small business tips and resources, contact the Economic Development Collaborative. Conveniently located in Camarillo, California. We’re here to help and have a webpage devoted to resources and information on how your business can survive the pandemic-induced recession.