COVID-19 Disaster Relief Loan Guarantee for Small Businesses
Federal, state & local resources listed below
One of the IBank Small Business Finance Center’s loan guarantee programs is designed for Disaster Relief specifically and is currently available to small businesses needing assistance to overcome economic injury caused by COVID-19. We have Financial Development Corporation (FDC) partners throughout the state that assists businesses in securing a 95% guarantee on a bank loan. The FDCs are listed below and they work directly with participating lenders to underwrite the loan, which the SBFC guarantees (upon approval).
The loan guarantees provided for the Disaster Relief Loan Guarantee Program help to mitigate barriers to capital for those small businesses that do not qualify for federal disaster funds, including businesses in low-wealth and immigrant communities.
Who is eligible to apply?
Small business entities that have been affected by loss, damage or other economic injury due to the COVID-19 pandemic and meet the programs eligibility requirements.
What do you consider a small business?
The business must have between 1-750 employees and be established as an entity including:
- Sole Proprietor – Individual using legal name as business name that files a Schedule C, Schedule F, or has a fictitious business name or DBA statement
- If the loan appears to be in the name of an individual, evidence of Sole Proprietorship will be required and may include a Schedule C, Schedule F, Seller’s Permit, and/or fictitious business name or DBA statement
- Limited Liability Company
We will not accept an individual as the borrower. It is permissible for an individual to be a guarantor or co-borrower on the loan, but the primary borrower must be a small business. We do not consider citizenship or immigration status for eligibility requirements, as long as the entity/individual meet the above criteria. Trucking owner/operators are eligible as long as they are registered as a legal business entity.
- The business activity must be eligible under the program and in one of the industries listed in the North American Industry Classification System (NAICS) codes list. http://www.census.gov/eos/www/naics ; and
- Must be located in a declared disaster area – A major disaster area declaration was made for the state of California on March 22, 2020 in regards to the COVID-19 pandemic
What are excluded businesses?
Businesses that are not eligible include passive real estate businesses (rental income, etc.).
How to Apply for a Small Business Disaster Loan Guarantee
*The list of participating lenders is fluid and changing*
Qualifying small business owners may apply directly with a participating lender:
- Santa Cruz County Credit Union (live or work in Santa Cruz County – must be a member or willing to become a member)
- MEDA (San Francisco City and County)
- 3CORE (Butte, Tehama, and Glenn counties)
- Accion (San Diego and Imperial Counties)
- Pacific Asian Consortium in Employment (Unincorporated areas of District One of LA County, all of area within boundaries of City of Los Angeles & South LA county)
- First Northern Bank of Dixon (existing clients as of April 7, 2020)
- Pacific Community Ventures (existing clients)
- Economic Development Collaborative (Ventura County, Santa Barbara County)
- Main Street Launch (San Francisco City and County)
The current pandemic is affecting so many and we would like to offer some assistance on how to locate information, support and financing options.
Additionally, many local government agencies are offering assistance and resources as this has been officially declared a federal and state emergency. Check your city and county, as well as these sites, for more information:
IBANK PARTNER FDC’s — Please apply for a loan directly with a participating lender listed above or contact the FDC nearest your business for information.
Sacramento, Stockton, Yuba City
- California Capital Financial Development Corporation
- Voice: 916-442-1729
Salinas, Santa Maria, Santa Barbara
- California Coastal Rural Development Corporation
- Voice: 831-424-1099
- California Southern Small Business Development Corporation
- Voice: 619-232-7771
- Nor-Cal Financial Development Corporation
- Voice: 510-698-2080
Santa Ana, Redlands
- Small Business Development Corporation of Orange County
- Voice: 714-571-1900
Los Angeles, Compton
- Pacific Coast Regional Small Business Development Corporation
- Voice: 213-739-2999, Ext. 222
Fresno, Hanford, mobile office covers Central San Joaquin Valley
- Valley Small Business Development Corporation
- Voice: 559-438-9680