Grow San Benito Small Business Revolving Loan Fund

New! Emergency Microloan Fund

In response to the COVID-19 crisis and shelter-in-place orders that temporarily shut down many small businesses in San Benito County, economic development partners determined there is a strong need for quickly accessible, small-sized loans to small businesses affected by those closures. Applicants must demonstrate they have been financially burdened by the COVID-19 public health emergency.

  • Loan amounts range from $5,000 to $25,000.
  • Interest rate of 2.44%, fixed rate, no pre-pay penalties.
  • The maximum loan term is 5 years – fully amortized.
  • The loans can have an initial payment deferment period of up to 6 months (interest still accrues during the deferment period).
  • Loan proceeds can be used for working capital and may go toward business expenses, such as: Payroll costs, including costs for employee vacation, parental, family, medical, and sick leave, employee related insurance, rent, inventory, supplies/materials, utilities, professional services, and more.
  • There is no application fee. Borrowers are responsible for paying a 2% origination fee and closing costs (e.g. credit report, recording a lien filing, Cal-Cap, etc.). These fees can be financed into the loan.

Access Plus Capital operates a Small Business Revolving Loan Fund (SBRLF) that was originally capitalized by a U.S. Department of Commerce, Economic Development Administration (EDA) funding as the initial capital for an economic development tool designed to assist small businesses located within San Benito County, CA. Once the COVID-19 crisis is over, the Emergency Microloan Fund will stop accepting new loan applications and will revert to the regular SBRLF program parameters.

Eligibility Requirements:

  • Must be located within San Benito County
  • Should have between 1-10 employees
  • Should have annual revenues that do not exceed $2,000,000.
  • Be an operating business, not a passive real estate entity.
  • Have been in business for a minimum of one year
  • Must present a feasible plan to recover post-disruption
  • Be current on federal income taxes with no state, federal tax liens.

Apply Here

To get started, potential borrowers will be required to submit a loan application with supporting documents as follows:

Loan Application Requirements:

  1. COVID-19 Disaster Impact Statement: Provide overview of the business, showing that it would be profitable without disaster disruption, and the economic injury of the disaster on the business. Business should explain why they need the loan amount requested and specifically how the working capital funds will be used (completed within application).
  2. Micro Loan Application
  3. Most Recent Federal Tax Return
  4. Most Recent Business Debt Schedule (completed within loan application)
  5. A Personal Financial Statement (PFS)
  6. Additional items as requested (e.g. lease agreements, organizational documents such as fictitious name statement, business license, partnership agreements, articles of incorporation & by-laws, etc.).

Collateral: UCC-1 financing statement, personal assets or Cal-Cap on un-collaterized loan portion.

(Personal guarantee from every business owner that owns more than 20% of the business will be required)