Loan Programs
Eligibility
3CORE manages multiple Revolving Loan Funds on behalf of its member communities. Businesses seeking financing must be located within Butte, Glenn or Tehama Counties.
Use of Loan Proceeds
3CORE loan proceeds may be used for any of the following:
- Working capital
- Purchasing land, buildings or existing businesses
- Purchasing furniture, fixtures, machinery and equipment
- Business expansions or start-ups
- Leasehold improvements
- Lines of Credit
Size of Loan
The size of loan that 3CORE typically funds is between $25,000 - $100,000. Loan requests either larger or smaller than the listed range may also be considered.
Loan Terms
Generally, 3CORE offers loan terms between three and seven years, dependent upon the useful life of the asset (loan terms for purchasing land, buildings or businesses can be up to 15 years).
Interest Rates
3CORE interest rates generally range from 9-12 percent. While most loan terms are based upon a fixed interest rate, in some circumstances a variable interest rate may be warranted.
Requirements
Potential small business loan customers must inject, at a minimum, 10 percent of the total project cost. Under some of 3CORE's loan programs, one job must be created for every $20,000 loaned.
Fees
Loan customers will be asked to pay an application fee of $250 (partially refundable under certain circumstances), a loan processing fee (generally 2 percent of the total loan amount) and all direct closing costs.