The City of Long Beach and the Grow America Fund (GAF) have extablished and capitalized the Grow Long Beach Fund as an unique economic development tool designed to assist eligible small businesses within the City of Long Beach to obtain the financing required to grow their business.
Loans made under this program are underwritten by the Grow America Fund and guaranteed by the Small Business Administration (SBA) under GAF's Small Business Lending Company License. Therefore, each loan must comply with SBA guidelines and procedures. Advantages of this program include:
Longer term - up to 25 years
Lower interest rates (prime + 1.5% variable) than most conventional bank financing
Loan amounts range from $100,000 to $2M
Proceeds can be used for working capital, machinery & equipment purchases and installation, tenant improvements, real estate acquisition, business debt refinancing, green energy and energy efficiency financing, etc.