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City Manager's Office
City Manager's Office
Press Contact: Matthai Chakko, (510) 981-7008

LOW INTEREST LOANS TO HELP BERKELEY BUSINESSES
Help build your business with help from the City

Berkeley, California (Wednesday, July 11, 2018) - If your business has had trouble qualifying for traditional loans, the City of Berkeley may be able to provide you access to lower-cost financing. 

These loans, which can help any business located in Berkeley, can help local entrepreneurs build out leased space, retain jobs and invest in business expansion. 

Through the Revolving Loan Fund, loans are typically $90,000 and have low fixed interest rates - most recently 5.25%. The loan terms are up to seven years, and the loan fees are 1% of the loan amount.  The City Council-appointed Loan Administration Board reviews and approves loan applications.

Approximately $520,000 in loans are at work in the Berkeley community today, including SlingFin, the high performance outdoor tent manufacturer, the downtown art district's California Jazz School, and Anton Salon. Past recipients of the federally-funded program have used the loans to open a second business location, upgrade equipment and refurbish building facades.

The program, which is administered by the City's Office of Economic Development, is funded through the U.S. Department of Commerce Economic Development Administration. 

To learn more or apply for funding, visit: www.cityofberkeley.info/loanfund/ or call (510) 981-2490.

Apply today!

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