Finance Your Business
Starting or growing a business takes money, and getting a loan can be challenging for an entrepreneur. Most banks want a proven track record and won't loan to start-ups or those with less than a two-year financial history.
That's why the EDB created the following financing options for businesses that don't qualify for conventional loan financing.
Revolving Loan Fund
The EDB has partnered with the Economic Development & Financing Corporation (EDFC) of Mendocino to provide creative funding solutions for new or existing businesses with a regional Revolving Loan Fund. 1 million dollars is currently available in funds for Sonoma County small businesses with loans starting at $50,000 up to $250,000. Fixed interest rates start at 6% APR and terms range from 3-15 years.
EDFC provides a critical link between the public and private sectors acting not just as a lender but also as an economic development organization. We work with a multitude of partners to develop plans and implement projects that support economic growth.