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PROGRAM |
COMMUNITY REINVESTMENT LOANS (CRL)
(Sponsored by Comerica Bank) |
| PURPOSE: |
Small loans for small business reinvestment in the community.
|
| USE OF FUNDS: |
Working capital
Equipment purchases
Inventory
Leasehold improvements
Contract financing
Business expansion
Real estate
|
| FINANCING METHOD: |
Term loans amortized for not more than six years.
|
| QUALIFICATIONS: |
Business Plan Summary and Loan Checklist.
|
| REQUIREMENTS: |
Coaching and training provided by PCR during the term of the loan.
|
| MAXIMUM AMOUNT: |
$25,000 for each borrower.
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| MATURITY: |
Maximum term of 6 years.
|
| INTEREST RATE: |
Fixed interest rates.
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| COLLATERAL: |
Best available collateral which will include but not be limited to a UCC blanket filing on all company assets.
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| FEES: |
A $500.00 fee for documentation and loan processing. Borrower may be responsible for costs associated with loan processing.
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| CONTACT: |
Nestor Correa: (213) 739-2999 ext. 227 or nestor.correa@pcrcorp.org.
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