Who's Eligible For A Small Business Loan? If you're a California company that's been in business for at least 12 months, and you've got at least 1 employee (part- or full-time), then we'd love to work with you! We also specialize in working with small business owners who've had a hard time accessing capital, like female entrepreneurs, immigrant entrepreneurs, entrepreneurs of color, and borrowers that may have been turned down for SBA or traditional bank loans. Our typical clients are small businesses with at least 1 part-time or full-time employee who would like to grow. Businesses must be located in California and have been in operation at least 12 months (sorry, we don't work with startups at this time). For our standard small business loans, there are no minimum credit scores for consideration. Please note, for Disaster Loans specifically the California IBank requires a minimum credit score of 550. Your business should be profitable and/or generating revenue at the time you apply.
Over 40 Trusted Lending Partners Including Accion San Diego Bank of Southern California California Bank & Trust California Business Bank Capital Bank CDC Small Business Finance Citizens Business Bank City National Bank Coronado Private Bank, a Division of San Diego Private Bank Endeavor Bank Homestreet Bank Neighborhood National Bank North Island Credit Union Pacific Commerce Bank Regents Bank, a Division of Grandpoint Bank Silvergate Bank Torrey Pines Bank, a Division of Western Alliance Bank
We help businesses in all industries, including cannabis, with the Cannabusiness Financing Solution. Get started taking your business to the next level by applying now! National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we've streamlined the approval process to secure over $1 billion in financing for small business owners to date. Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services. We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Eligible private employers are those whose operations have partially or fully suspended as a result of COVID-19 or who experience a decline in gross receipts by more than 50% in a quarter compared to the same quarter in 2019. The tax credit a 50% credit for the first $10, 00 of compensation, including the employer portion of health benefits, for each eligible employee. This refundable credit is applies against the employer portion of the payroll taxes. The Treasury Department will develop a process for employers to receive an advance payment of the tax credit. Employers who receive a Paycheck Protection Program loan are not eligible for this credit. Deferral of Employment Tax Deposits and Payments: COVID-19 Federal Rural Resource Guide: The CARES Act allows employers to defer the deposit and payment of the employer's portion of social security taxes that would otherwise be due between March 27, 2020 and December 31, 2020. Employers can instead deposit the first half of these payments by the end of 2021 and the other half by the end of 2022.
Most small business owners are surprised to find out that they need a combination of licenses and permits from both federal and state agencies. Which permit(s) and business license(s) you need depends on the business services and activities, the location and government rules surrounding business operations. To see a list of different industries for requirements and to find out where to get licensing, visit here. Find Business Insurance in California Business insurance will protect you against unexpected losses, like accidents, natural disasters and lawsuits that can be very expensive if you don't have the right insurance. Almost all business require general liability insurance. Other commonly purchased coverages include: product liability insurance, professional liability insurance, commercial property insurance, home-based business insurance and business owner's policy. Business owner's policy insurance is a very popular small business insurance in California. Often called BOP, this is a bundled package of the most vital forms of insurance small businesses need.
You can learn more about the California IBank Disaster Relief program here. How Does The Process Work? Step 1 Fill out an application. Tell us a few basic things about yourself and your business. After you submit a completed application with all the documents required, our small business lending team will contact you within 48 hours to schedule an introductory call to discuss your business and the purpose of the loan in greater detail. Step 2 After our phone call, we'll usually ask for up to two 2 years of financial statements, an income statement and balance sheet, and a simple Personal Financial Statement, as supplied by PCV. Depending on what your using your loan for, we may need to review some other documents like your lease agreement (if moving locations or expanding), business loan agreements (for any pre-existing liabilities, especially if you're reconsolidating debt), or additional financial documents (like company debt schedules, or projections. ) Step 3 Once we've reviewed your documents, we'll make a decision on your loan.
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