Economic Development
Revolving Loan Fund
The Economic Development Revolving Loan Fund is designed to stimulate economic growth and create jobs that will improve the living conditions of residents in the County. These funds provide affordable non-conventional financing to eligible businesses and entrepreneurs.
The County administers two programs with these funds—the Business Assistance Program and Microenterprise Program.
Business Assistance Program
This program is designed to assist businesses of all sizes. The County works with local banks to provide gap financing in exchange for job creation for low- and moderate-income persons.
Microenterprise Program
This program is designed for businesses with 5 or fewer employees. The business owner’s income must be within the Targeted Income Group. Small loans will be made to assist moderate- and low-income entrepreneurs with business start-up and expansion costs. Grants can also be made for technical assistance for these business owners.
Business Assistance Program
Lassen County is authorized to provide long- and short-term fixed asset financing and working capital for start-up and existing businesses throughout Susanville and the unincorporated areas of Lassen County. These programs are funded directly by Housing and Community Development (HCD) and the State Community Development Block Grant (CDBG) program and are based primarily on job creation and retention.
Lassen County administers these funds to provide low interest loans in “gap” financing situations. Funding from the program can be used for the following:
- Commercial real estate purchase,
- Working capital,
- Inventory purchase,
- Equipment or machinery purchase,
- Leasehold improvements, and
- Government required offsite improvements.
Other activities may also qualify for assistance. Terms and interest rate are set on a case-by-case basis, and are based on the asset being financed.
Requirements of the loan are as follows:
- 1 full-time equivalent job must be created for every $35,000 loaned
- 51% of all jobs created be for people in the Targeted Income Group
- Borrower must demonstrate the ability to repay the loan.
CLICK HERE for income requirements of the Targeted Income Group.
Download:
Business Assistance Guidelines
Preliminary Application
Microenterprise Program
The Microenterprise Program targets businesses that are 5 or fewer employees. Also, the owner of the business must be in the Targeted Income Group.
CLICK HERE for income requirements of the Targeted Income Group.
This program focuses on the small business entrepreneur to ensure a successful small business. Technical assistance and financing are available to current business owners as well as developing entrepreneurs.
Technical assistance grants are provided to offer individuals support regarding structuring financing plans, preparing loan applications, strategic planning, and guidance for writing business plans.
Loan funds are available to provide low interest loans in “gap” financing situations. Funding from the program can be used for the following:
- Commercial real estate purchase,
- Working capital,
- Inventory purchase,
- Equipment or machinery purchase,
- Leasehold improvements, and
- Government required offsite improvements.
Other activities may also qualify for assistance. Terms and interest rate are set on a case-by-case basis, and are based on the asset being financed.
Download:
Microenterprise Guidelines
Preliminary Application
Fair Housing
This program will be implemented in ways consistent with Lassen County's commitment to Fair Housing. No person shall be excluded from participation in, denied the benefit of, or be subjected to discrimination under any program or activity funded in whole or in part with funds on the basis of his or her religious affiliation, age, race, color, ancestry, national origin, sex, marital status, familial status (children), physical or mental disability, sexual orientation, or other arbitrary cause.
For More Information...
Call or visit the Economic Development Department at 707 Nevada Street, Suite 1 in Susanville. Regular office hours are from 8:00am to 5:00pm, Monday through Friday.
Please Contact:
Chandra Jabbs
Phone (530) 251-8308
Fax (530) 257-6599
Email: bizinfo@co.lassen.ca.us