CITY OF VENTURA BUSINESS ASSISTANCE LOAN FUND

SAN BUENAVENTURA- THE CITY OF GOOD FORTUNE

Known across the world for the beautiful coastline, the county’s seat of government, and excellent economic opportunities, the City of Ventura has even named the “off-ramp to paradise” by Sunset Magazine. Now more than ever, Ventura has led the way through the COVID-19 pandemic with its resilience and adaptability.

The City of Ventura’s Business Assistance Program and the Economic Development Collaborative proudly offer three loan options for small businesses and micro-enterprises in Ventura. Small Business Loans offer low-interest funding designed to create jobs and support the growth of Ventura’s small business community. Commercial Rehabilitation Loans revitalize the city’s older commercial districts of downtown, midtown and Westside areas. Code Compliance Loans support commercial property owners with property maintenance, parking, structural Improvements, and more.

Benefit from your city’s commitment to supporting local businesses and the EDC’s top-tier financial, investment, and business advising.

City of Ventura Small Business Assistance Loan Fund

Low-interest loans designed to create jobs and support the growth of Ventura’s small business community. Small business loans range from $10,000 to $50,000 and can be used for:

• Business-related expenses including inventory and accounts payable and receivable
• Working capital for the acquisition of an existing business, machinery, equipment, furniture, and fixtures
• Purchase of signage and other marketing materials

Code Compliance

Loans from $10,000 to $25,000, which can be used for:

• General property maintenance improvements to the exterior and interior lighting, windows, doors, exterior fences, and façade maintenance (i.e. cleaning and painting)
• Parking area and drainage improvements related to paved aprons, curbs, wheel stops, and striping
• Structural and seismic improvements to building supports, walls, roofs, ceilings, and plumbing and electrical systems
• Modifications pursuant to the Americans with Disabilities Act

Commercial Rehabilitation Loans

Owners of businesses and commercial property within the downtown, midtown, and Westside areas are eligible for loans from $10,000 to $50,000, which can be used for:

• Architectural and engineering services for preliminary construction designs and cost estimates (i.e., site plans, design concepts, color building elevations, and signage designs)
• Payment of development fees for building permits, inspection services, and utility conversions
• Façade and tenant improvements to signage, lighting, windows, doors, awnings, and fascia
• Historic preservation activities for properties in commercial use

Terms & Eligibility:

• The loan maximum is $125,000 for all three programs
• Maximum loan term 84 months
• $200 loan origination fee, plus out-of-pocket expenses
• Three years of financial statements and/or projections

• Letter of loan rejection from bank
• Creation of at least one new job per $25,000 loaned
• Collateral for loans such as the personal real estate of guarantor and/or any assets purchased by the loan and UCC-1 filing on all business assets