Starting November 20, 2020 Governor Newsom launched the California Rebuilding Fund, which includes non-forgivable loans for micro-business owners backed by the iBank at 4.25%.
The California Rebuilding Fund is a loan program to support California’s small businesses—especially those located in economically disadvantaged and historically under-banked areas of the state. Businesses who employed 50 or less full-time equivalent employees (FTEs) and had gross revenues of less than $2.5 million or below in 2019 are eligible to apply. Full eligibility requirements are included in the Business Requirements tab.
The loans are flexible, transparent and are designed to help businesses access the capital and advisory services they need to get through these challenging economic times.
When can I start applying?
The pre-application processed opened today, Friday, November 20, 2020 at noon. To fill out a pre-application and match with a participating community lender, please click here.
What happens after I complete this online pre-application?
If you have completed and submitted the online pre-application and are matched with a participating community lender, you will receive an email or call from the shortly so that you can begin the full loan application process.
How soon can I get my money once my loan is approved?
The California Rebuilding Fund knows that your funding needs are urgent. All applications are assessed on a case-by-case basis and the speed is dependent on the lender accessing the necessary documents to proceed. There is a target of 2-3 weeks from the date a complete loan application is filled with the community lender to funding the loan.