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Community Development Block Grant (CDBG) Business Assistance Loan Program
(Coming Soon!)

Low-Interest Loans to Support Retention and/or Creation of Low-Moderate Income Jobs

The Community Development Block (CDBG) Grant Program is administered by the California Department of Housing and Community Development (HCD). The primary federal objective of the CDBG program is the development of viable urban communities by providing decent housing and a suitable living environment and through expanding economic opportunities, principally, for persons of low- and moderate-income. “Persons of low and moderate income” are defined as families, households, and individuals whose incomes do not exceed 80 percent of the county median income, adjusted for family or household size. Periodically throughout the years, the City has been awarded funding from the CDBG program to administer a Business Assistance Loan Program. The City has applied to use CDBG Program Income to fund the continuation of the Business Assistance Loan Program. 

 

​Funds can typically be used for purchase of equipment, real property, working capital, debt consolidation, and construction (construction is subject to prevailing wage / Davis Bacon Labor Law requirements).

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  • Interest rates start at 1%

  • Flexible repayment terms are based on capacity to repay​

  • Loans up to $300,000

  • For every $35,000 loaned, at least one job is created or retained

  • At least 50% of jobs created or retained are filled by low-moderate income persons

  • Repaid funds become CDBG Program Income, which can then be used for other CDBG-eligible activities

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Do you want to receive notification when funds become available under this program? Sign up for the City's e-Notification system and click the box for "CDBG Activities."

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