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PROGRAM |
METAL PLATING FACILITY LOAN GUARANTEE PROGRAM |
| PURPOSE: |
To encourage banks to make small business loans that are not traditionally bankable.
Special emphasis is placed on Metal Plating Facilities to replace, upgrade or purchase high quality
environmental control equipment so that the facilities can comply with regulatory requirements and
new polution prevention measures.
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| USE OF FUNDS |
Equipment purchases
Installation costs
|
| FINANCING METHOD: |
Bank will make direct loan to borrower. PCR will issue state guarantee for up to 90% of the loan.
|
| QUALIFICATIONS: |
Proceeds must be used for metal plating facilities located in the State of California. Borrower must show repayment ability.
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| MAXIMUM AMOUNT: |
$100,000 for each borrower.
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| MATURITY: |
Maximum term of 7 years.
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| INTEREST RATE: |
Market rate as negotiated by lender and borrower.
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| COLLATERAL: |
Available business and personal assets (machinery, equipment, accounts receivable,
inventory and real property).
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| FEES: |
2% of the guaranteed portion of the loan
$250 processing fee
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| CONTACT: |
Nestor Correa: (213) 739-2999 ext. 227 |
