Tuolumne County Revolving Loan Fund
The Revolving Loan Fund has money available for lending to Tuolumne County Businesses and those planning to locate in Tuolumne County. Interest rates range from 3-6% and funds can be used in conjunction with other financing from lending institutions or other private sources. Projects must be in Tuolumne County, outside the City of Sonora and must create a minimum of one new job for each $35,000 loaned. The State of California’s Department of Housing/ Community Development approval is also required. Please contact your Tuolumne County Economic Development Authority staff person for more information.
Bank, SBA and USDA Financing
Through numerous local, regional and statewide partners the Tuolumne County Economic Development Authority can provide contacts and referrals to various banks, SBA, USDA – Rural Development and many other “non-traditional” lenders. Please contact your Tuolumne County Economic Development Authority staff person for more information.
Industrial Development Bond Financing
Industrial Development Bonds (IDBs) are tax-exempt securities issued by cities, counties, and joint powers authorities (JPAs) to provide small- to medium-sized manufacturers money for land purchases, building construction, facility expansion, new production equipment acquisition, and solar and energy conservation retrofits.
Benefits of IDB financing include below market interest rates, long-term financing, and it is available statewide without limitations to specific areas. Overall, IDB financing reduces total financing costs so more capital can be invested back into the organization’s operations.
CEDA, a TCEDA Partner, issues IDBs of up to $10 million for California manufacturers that meet the applicable criteria. Generally, borrowers are manufacturers and processors that are established and creditworthy businesses with annual sales ranging from $7.5 to $30 million. Visit IDB Program to learn more.
EB-5 Visa Program
Under this program, entrepreneurs (and their spouses and unmarried children under 21) are eligible to apply for a green card (permanent residence) if they make the necessary investment of at least $500,000 in a new commercial enterprise within Tuolumne County which is a Targeted Employment Area (TEA).
While the EB-5 visa program is administered by the U.S. Citizenship and Immigration Services and is therefore governed by federal laws and regulations, the TCEDA through GO-Biz provides customized TEA certifications for projects that qualify under the $500,000 special TEA requirements.
Visit EB-5 Program to learn more.
Impact Fee Financing Program (SCIP)
Statewide Community Infrastructure Program (SCIP) is a financing program that enables developers to pay most impact fees and finance public improvements through an acquisition agreement that qualifies under the 1913/1915 Act (excluding school fees) via tax-exempt bond issuance proceeds. This highly versatile program has been molded to the needs of each local agency participant of SCIP. As most local agencies require developers to pay impact fees prior to obtaining a permit, SCIP can be used to directly prepay these fees or, alternatively, to reimburse the developer after fee payment. The program can be used to enable developers to pay for, or be reimbursed for, all eligible impact fees or for a single impact fee. Visit SCIP Program to learn more.
Pollution Control Tax Exempt Bond Financing Program
The Pollution Control Tax-Exempt Bond Financing Program provides private activity tax-exempt bond financing to California businesses for the acquisition, construction, or installation of qualified pollution control, waste disposal, waste recovery facilities, and the acquisition and installation of new equipment.
Financing is performed in conjunction with allocation from the California Debt Limit Allocation Committee (CDLAC). Tax-exempt bond financing provides qualified borrowers with lower interest costs that are available through conventional financing mechanisms.
Visit Pollution Control Program to learn more.
Pacific Gas and Electric (PG&E) On-Bill Financing (OBF)
The Energy Efficiency Retrofit Loan Program, or On-Bill Financing (OBF), lets you make facilities improvements without large outlays of cash. PG&E will finance the project, and you pay the loan – interest-free – through your monthly utility bills. Financing is available to fund many technologies, including lighting, refrigeration, HVAC, and LED street lights.
Loan terms and monthly payment amounts are determined based on your estimated monthly savings from the new products. Business customers may qualify for loans between $5,000 and $100,000, with loan periods of up to 60 months.
Visit OBF Program to learn more.