The Small Business Revolving Loan Program provides loans to qualified businesses in Hayward to enable businesses to create job opportunities, particularly for low and moderate income employees.
The City loan will be used to provide sufficient "gap" financing to make the project work. The maximum City share is $100,000, subject to the availability of funds. In general, business loans range from $10,000 to $50,000.
Loan funds may be used for: equipment acquisition, leasehold improvements, working capital, and real estate acquisition/rehabilitation for owner-occupants.
Applicant businesses must be for-profit businesses that: are in operation for at least two years with a sound credit history; operate in a retail or commercial facility in Hayward or willing to locate in Hayward; meet the SBA definition of small business; offer job opportunities for low and moderate income applicants; and need additional financing to fill the gap between the business’ needs and owner’s equity or private financing.
Loan requirements:
- signing a First Source Hiring Agreement requiring 51 percent of all jobs created be offered to low and moderate income Hayward residents
- matching $2.00 of financing through private loans and/or infusions of equity with every $1.00 of the City loan;
- paying a non-returnable application fee of $35.00 and an origination fee of one percent of the loan amount;
- accepting an interest rate fixed at the prime commercial lending rate at the time of loan closing
For more information, please call Sally Porfido at 510-583-4236
Additional Information:
Alameda Small Business Development Center
Starting a Business
Small Business Administration
SCORE Association
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