Sonora, CA– Tuolumne County has recently received an award of $300,000 to issue small business loans.
The grant from the State Community Development Block Grant Program is available to businesses in amounts from $25,000 to $250,000.
Businesses must create at least one full time job for each $35,000 borrowed and must provide collateral for the loan. Loans are most often used for working capital and equipment, but may also be used for acquisition or construction. Interest rates are typically below market and terms are 5-7 years.
The County’s Small Business Revolving Loan Fund has already issued $4.9 million in loans to 50 businesses. Small businesses seeking financing are encouraged to apply.
For more information contact Bill Mc Entire at 533-0970 or Ken Wells at 533-5012.