What type of assistance does the Office of Economic and Business Development offer?
– IDC MICRO LOAN – The City established a micro-loan program for business located in the In-Town Redevelopment Area on Florence to Hillcrest on the North and South and La Brea to Locust on the East and West. Inglewood administers the program offering loans from $1,000 to $25,000 to eligible businesses. Loans maybe termed for three to five years and priced below the Prime Rate, for borrowers with excellent credit, to points over the prime rate, for borrowers with less than stellar credit. – PCR MICRO LOAN – Since the IDC’s micro loan is limited downtown businesses, OEBD developed a lending relationship with Pacific Coast Regional, Inc. to offer loans from $5,000 to $35,000 to Inglewood businesses, citywide. These loans are sponsored by the SBA and therefore, have stricter credit requirements. Loans are termed for three to five years and priced from 1 to 3 points over the Wall Street PRIME RATE. NOTE: Both Micro Loan programs provide funds to purchase inventory and equipment for advertis
