Finding funds to start or expand a small business can be a challenge. One place to start is a local bank or credit union. Another is a Community Development Corporation (CDC), a non-profit organization created to assist their region with economic development.  In addition to assisting small businesses at various stages of their start-up, CDCs often serve as a financing source for businesses whose needs are under served by traditional lending institutions. Government agencies are another place to look for start-up or expansion loans.

Local Banks & Credit Unions

• Bank of America (707) 964-8849
• Chase (707) 961-4444
• Fort Bragg Community Credit Union (707) 964-4966
• Mendo Lake Credit Union (707) 962-0232
• Savings Bank of Mendocino County (707) 964-4723
• Wells Fargo Bank (707) 961-0275

Community Development Corporations

• Economic Development & Financing Corp of Mendocino County
• Arcata Economic Development & Financing Corp
• SAFE-BIDCO (Santa Rosa)
• Bay Area Development Company
• Superior California Economic Development (SCED)

Government

• City of Fort Bragg
• Small Business Administration
• Federal Disaster Loans for Small Businesses
• State Recycling Market Development Zone
• California Fisheries Fund
  

City of Fort Bragg Loans

There are three types of loan programs issued through the City (or its program operators):

1. City Business Assistance Micro-loan Program: short-term low interest lows for business owners impacted by the Downtown Streetscape project. Please see the Business Assistance Micro-Loan Program for more information.

2. CDBG micro-loan program: Limited to low and moderate income owners of microenterprises (businesses with five or fewer employees including the owner). Offers low-interest loans typically ranging from $5,000 to $15,000 for inventory, equipment, furniture or fixtures, or supplies. Contact program operator West Company at (707) 964-7571. Please see the City Microenterprise Revolving Loan Fund Program Guidelines for program particulars.

3. CDBG Business Assistance Loan Program: Applications for this grant-funded program will be available in early 2010. The program will offer loans to bridge financial gaps for businesses that have been unable to obtain adequate or affordable financing from other sources.  For each $35,000 in loan proceeds, one full time equivalent job must be created or retained. At least 51% of jobs created or retained must held by low-income persons. Program loans may range from $15,000 to $250,000. Please contact Jennifer Owen, Housing & Economic Development Coordinator at 961-2827, ext. 109, for program availability and particulars.