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Revolving Micro Loan Program

LOAN AMOUNT: $500.00 - $1,500.00

TERMS:

• Interest Rate of 6%
  
• Repayment amortized over 3 years for loans of $1,000.00 or more
  
• Repayment amortized over 2 years for loans of less than $1,000.00
  
• Option to pay off loan in six months, interest free
  

ELIGIBILITY:

Available to licensed family child care providers or applicant who can show evidence of license pending.

REQUIREMENTS:

• Applicants must complete loan application
  
• Applicant must obtain and submit a copy of their credit report
  
• A copy of their Child Care License or a letter from the State of California verifying that they have filed a license application must be attached to the loan application
  
• Applicant must demonstrate ability to repay loan
  
• Applicant must provide a brief business plan
  
• Applicant must provide prior year’s tax return (if available)
  
• Provide a one year cash flow projection for loans over $1,000.00 (technical assistance will be available for this requirement)
  
• Provide a list of items that loan funds will be used to finance
  
• Schedule a site visit with the technical advisor
  

SUBMISSION AND PEER REVIEW PROCESS:

• The technical advisor will work with the applicants to insure that all documentation is included in the application
  
• No application will be submitted to the Peer Review Committee without a recommendation from the technical advisor
  
• The Peer Review Committee will review the applications and cast their votes
  
• All applicants will be notified of the outcome of the review/vote process
  
• If an applicant is denied funding they may file an appeal, requesting a second review of the application. The applicant may be present at this review and state their case directly to the review committee.
  

SUCCESSFUL APPLICANTS:

• Must meet with a technical advisor once each quarter to review progress
  
• Submit brief annual reports detailing business status and progress from prior period
  
• Arrange for semi-annual site visits by technical advisor
  

For more information, please contact LINCC at (661) 334-2273

Click here for a Micro Loan Application available on-line as a PDF (portable document format) file. To be able to read this file, please download a free copy of Adobe Acrobat Reader.

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