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California Small Business Loan Match: An easy way to find the right loan, right now

There is a new tool in California to help connect small business owners with safe and affordable capital. California Small Business Loan Match is a lender-match tool provided by IBank’s Small Business Finance Center created to ease the process of finding trusted loans for California entrepreneurs. It gathers dozens of community development financial institutions (CDFIs) on one platform for a one-stop experience. All lenders have been pre-vetted and enrolled in IBank’s Loan Guarantee Program, which specializes in bridging the gap between responsible lenders and small businesses.

Eligible loan uses include, but are not limited to start-up costs, working capital, inventory, construction, equipment purchases, and lines of credit and business expansion. ​A typical loan request is for $150,000 or less, but Loan Match has a maximum loan amount of $20 million.​

Steps to apply 

  • You fill out a short questionnaire that takes just minutes to complete. No credit check required!
  • Based on your eligibility, you’ll be matched with lenders that fit your needs.
  • Peruse details about each lender, select the one you like, and get connected with them.
  • The lender will reach out within three business days to begin the formal loan process. (You’ll also get their contact info so you can follow up directly.)
  • Whether or not you get paired with a lender, you’ll be connected to resources that can help you prepare for a loan.

 

 

What is a CDFI? 

CDFIs are, as the name suggests, dedicated to responsible affordable lending to underserved entrepreneurs and low-income communities. They offer loans for entrepreneurs who have been left behind by traditional banking institutions. CDFIs are funded by revolving loan funds through private and government funding​, like the State Small Business Credit Initiative (SSBCI).

CDFIs often offer support beyond a bank and provide in-depth support, including mentoring and technical assistance​. They offer loans with similar interest rates and terms to the ones offered by commercial banks, but they specialize in helping borrowers who don’t meet the rigid lending criteria of traditional banks—for example, small businesses that have a lower credit score, a prior defaulted loan or no up-front collateral.​

Additionally, they offer a much more flexible and affordable repayment plan—unlike online lending or Merchant Cash Advance (MCA) financing products, which tend to be very expensive (with high-interest rates and additional fees) and can require very fast repayment (some requiring you to pay back in just 12 months).​

Participating CA Loan Match lenders

3CORE, INC., Accessity, Access Plus Capital, Arcata Economic Development Corporation. Business Consortium Fund, Inc., California Capital Financial Development Corporation, California Coastal Rural Development Corporation, CDC Small Business Finance, Clearinghouse CDFI, DreamSpring, Lendistry, LENDonate, Main Street Launch, National Asian American Coalition, NCRC Community Development Fund, Inc., PACE, PACE Finance Corporation, PCR Business Finance, Pacific Community Ventures, and Working Solutions CDFI
 

Additional resources

Play buttonWatch our recent webinar on-demand to learn more about the Loan Match and to get a walk through of the website and application process.