Funding & Banking
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 nonprofit 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. The City of Fort Bragg periodically has loan programs available with funding from the Community Development Block Grant Program. See below for more information about each of these resources.
City of Fort Bragg Loan Programs
There are three types of loan programs administered by the city (or its program operators) with funding from the state Community Development Block Program (CDBG):
- CDBG Micro-Loan Program. Funding is currently available for this program until September 2019. Limited to low and moderate income owners of microenterprises (businesses with five or fewer employees including the owner). Offers low-interest loans ranging from $5,000 to $50,000 for inventory, equipment, furniture or fixtures, or supplies. Grants of up to $10,000 may be available for qualified applicants. Contact program operator West Company at 707-964-7571. Please see the city Microenterprise Financial Assistance Program Guidelines for program particulars.
CDBG Business Assistance Loan Program.This program provides needs-based funding in order to bridge "financial gaps" to allow projects to move forward. 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. See the program guidelines at the following link for more information: CDBG Business Assistance Loan Program .Please contact Special Projects Manager Jennifer Owen, at 707-961-2827, ext. 114, or by email, for program availability and particulars.
CDBG Over-the-Counter (OTC) Program. This program provides grants of up to $3 million for eligible cities and counties to lend to identified businesses, or use for public infrastructure improvements necessary to accommodate the creation, expansion or retention of identified businesses. Projects must create or retain jobs or in some situations, an "area benefit" may meet the program objectives. Please contact Special Projects Manager Jennifer Owen, at 707-961-2827, ext. 114, or by email, for program availability and particulars.
Local Banks & Credit Unions
- Community First Credit Union
- Savings Bank of Mendocino County
- Wells Fargo Bank
Community Development Corporations
- Economic Development and Financing Corp of Mendocino County
- Arcata Economic Development and Financing Corp
- SAFE-BIDCO (Santa Rosa)
- Superior California Economic Development (SCED)
Other Government Resources
- California Fisheries Fund
- California Competes Tax Credit
- California Competes
The CCTC is part of the Governor’s Economic Development Initiative (GEDI) which Governor Brown signed legislation to enact in 2013 (AB 93 and SB 90). GO-Biz evaluates the most competitive applications based on the factors required by statute, including total jobs created, total investment, average wage, economic impact, strategic importance and more. Companies are exempted from paying state income taxes in the amount awarded.
- California Competes Tax Credit Fact Sheet
- Notice re California Competes Tax Credit
The Governor’s Office of Business and Economic Development (GO-Biz) serves as California’s single point of contact for economic development and job creation efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit: www.business.ca.gov.
- Federal Disaster Loans for Small Businesses
- Small Business Administration
- Sonoma/Mendocino/Lake Recycling Market Development Zone