Important Information
In collaboration with our AmPac loan products , we also provide community centered loan program's in partnership with city's and county's that are looking to administer funding to small businesses!
County of Riverside
Through the generous efforts of the city of Riverside and AmPac Business Capital, the Riverside Micro-Loan Program is available to service small business owners in the City of Riverside. A reflection of the city's "Business First" Philosophy, this program is designed to help build, maintain, and ensure the success of local business owners in Riverside, CA.
WHERE DO I APPLY FOR THE RIVERSIDE MICRO-LOAN?
Visit the website: www.RivCoBizHelp.org
- Interest Rate: 3.75%
- Term: 5 years (60 months)
- No payments for the first six months
FEE: Fees are financed into the loan
REQUIRED DOCUMENTATION
- No minimum credit score though credit score will be considered based on payment history and a credit report will be pulled
- Payroll records documenting existing payroll
- Three years of business and personal tax returns, including 2020, 2021 and 2022. If 2022 has not been filed, year-end 2022 financial statements are acceptable (balance sheet/income statement)
- 2023 most recent quarter Balance Sheet and Profit and Loss Statement
- Statement of COVID-19 impact (checklist provided)
Already have the information you need to get started?
A
Application
(Your part)
Information about you and your business, including your personal and business financial statements, and completion of forms.Â
B
Business Review
(AmPac Partner)
Review and analysis of the information you provided; additional questions to clarify what you sent.
C
Closing & Funding
(You & AmPac)
AmPac approves your loan; You signing loan documents and funds your loan.
A
Application
(Your part)
Information about you and your business, including your personal and business financial statements, and completion of forms.Â
B
Business Review
(AmPac Partner)
Review and analysis of the information you provided; additional questions to clarify what you sent.
C
Closing & Funding
(You & AmPac)
AmPac approves your loan; You signing loan documents and funds your loan.
Loan Details
AmPac's community lending program provides loans from $5,000 to $350,000 to help small businesses and certain not-for-profit childcare centers start up and expand.Â
The U.S. Small Business Administration provides funds to organizations like AmPac (designated intermediary lenders), nonprofit community-based organizations with experience in lending as well as management and technical assistance. As a Certified Development Company (CDC), and Certified Development Financial Institution (CDFI) , we are your partner in administering the Micro-loan program for eligible borrowers.
Micro-Loan Details:
- Terms: Six Years (72 months)
*Rate: 7-11%
**Fees: - Application: $100 (Due with signed LOI: Letter of Intent)
CDFI Details:
- Loan Amount: Maximum $100K, Minimum $51
- Terms: Six Years (72 months)
The SBA 7(a) Program Details:
- We originate 7 (a) Community Advantage not 7(a)
- Maturity < 7 years = 2.25%Â Â this is a margin to be added to our interest rate not the actual rate
- Maturity > 7 years = 2.75%Â Â - N/A
The interest rate on Section 7(a) Direct Business Loans is 3.875% – N/A - AmPacs 7(a) Community Advantage Loan rates will be – 5% - 9%
Eligibility
Micro-LoanÂ
Generally, we require some type of collateral as well as the personal guarantee of the business owner.
7(a) Loan
Eligible businesses must:
- Operate for profit
- Be engaged in, or propose to do business in, the U.S. or its territories
- Have reasonable owner equity to invest
- Use alternative financial resources, including personal assets, before seeking financial assistance
Required Documents
Here you will find a Micro-Loan Folder and the required documents for the program, are as follows:
*** Pre Screen Items (For Check if client is eligible for financing)
- AmPac Application
- PFS (Personal Financial Statement)
- Debt Schedule
- 1 Yr Business Returns and/or Year End and Year to Date Financial Statement
- 1 Yr Personal Return (Last YE)
- Ampac Application Form
- Personal Financial Statement (If Married, Spouse Must Sign acknowledging the request for credit)
- Personal History Statement (For Each Owner who owns 20%+)
- Business Debt Schedule (Any debt used under the name of your organization)
- Form 1624
- Form 4506-T (Need forms for both personal and business Tax Returns)
- Coronavirus Questionnaire
- Business Questionnaire
Required Financials:
- Resume
- Business Plan (Start up only)
- 3 Years Projections (Start up only);Â
- 2 Years Projections (Existing business, upon Underwriter's request)
- 3 Most recent years of Federal, Personal Tax Returns
- Last 3 months of Personal and Business Bank Statements
Application Process:
- AmPac Application (Updated Annually)
- Business Debt Schedule
- *Personal History Statement (AmPac as an SBA lender will use the SBA's most updated form)
- Personal Financial Statement (AmPac as an SBA lender will use the SBA's most updated form)
- 4506T Form (AmPac as an SBA lender will use the SBA's most updated form)
Closing Process:
- Sellers Permit
- City Business License(s)
- Fictitious Business Name Filing (dba)
- Articles of Incorporation (For Corps)
- LLC Organization
- Secretary of State Filing
- Sales/Business Tax License
- **Special Circumstances documentation
Key Takeaways
- $5,000-$250,000 to qualified start-up, newly established, or growing small businesses
- Interest rates average between 4.5 and 13 percent
- Up to 7 years term
- 3-5% of loan fees
- AmPac Micro Loans are most useful to businesses with smaller needs for capital
- Interest rates and terms depend on the funding source, borrower, credit, and overall business strength.
Start Your Application
Do you have questions for us?
We care about you and are here to help with any questions you have. Call us at (909) 915-1706 or click the button below and fill out our contact form.