Finance Your Business
Starting or growing a business takes money, and getting a loan can be challenging for an entrepreneur. Most banks want a proven track record and won't loan to start-ups or those with less than a two-year financial history.
That's why the EDC created the following financing options for businesses that don't qualify for conventional loan financing.
Business Financing Options
Banks and Credit Unions
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Name |
Phone |
Website |
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American AgCredit |
(800) 800-4865 |
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Bank of America |
(707) 293-2553 |
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Bank of Marin |
(707) 508-3377 |
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Bank of the West with BMO Harris Bank |
(800) 659-5495 |
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Beneficial State Bank |
(888) 326-2265 |
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Community First Credit Union |
(707) 546-6000 |
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Exchange Bank |
(707) 524-3000 |
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JPMorgan Chase Bank N.A. |
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WaFd Bank |
(707) 578-9216 |
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North Bay Credit Union |
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Poppy Bank |
(888) 636-9994 | |
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Redwood Credit Union |
(800) 479-7928 |
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Sonoma County Grange C.U. |
(707) 584-0384 |
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Sonoma Federal Credit Union |
(707) 527-6216 |
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Summit State Bank |
(707) 568-6000 |
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Tri Counties Bank |
(800) 982-2660 |
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U.S. Bank N.A. |
(415) 357-1722 |
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Umpqua Bank |
(866) 486-7782 |
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Wells Fargo Bank, N.A. |
Small Business Administration (SBA) Loans
|
Name |
Phone |
Website |
|
Bank of the West with BMO Harris Bank |
(800) 659-5495 |
bankofthewest.com/Small-Business/Lending/sba-loans |
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Exchange Bank |
(707) 524-3000 |
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JPMorgan Chase Bank N.A. |
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Poppy Bank |
(888) 636-9994 | |
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Redwood Credit Union |
(800) 479-7928 |
redwoodcu.org/business/loans/sba-business-loans-and-504-business-loans/ |
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U.S. Bank N.A. |
(415) 357-1722 |
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Umpqua Bank |
(415) 898-5400 |
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Wells Fargo Bank, N.A. |
Alternative Lending Resources for Businesses
Main Street Launch
(510) 763-4297
basbf.com
Offers SBA Community Advantage Loans to $350,000 for up to 10 years.
California Capital Access Program (CALCAP)
treasurer.ca.gov/cpcfa/calcap
California Pollution Control Financing Authority: A program that incentivizes participating financial institutions to address the growing and ongoing financing needs of California’s small business borrowers by providing a safety net of matching contributions to loan loss reserve accounts for participating financial institutions.
Creser Capital
cresercapital.org
Mico-lender specializing in access to capital primarily for Latino entrepreneurship.
Working Solutions CDFI
(415) 780-1217
workingsolutions.org
Micro-lender that specializes in startups and existing businesses.Loans range from $5,000 to $100,000 with fixed interest rates from 9% to 11% and 3-5 year terms
Angel Investors and Venture Capital
northbayangels.com
Environmentally Focused Financing
Energy Efficiency and Conservation Loan Program
U.S. Department of Agriculture – Rural Development
This program provides loans to finance energy efficiency and conservation projects for commercial, industrial, and residential consumers.
rd.usda.gov/programs-services/electric-programs/energy-efficiency-and-conservation-loan-program
Recycling Market Development Zone (RMDZ)
California Integrated Waste Management Board
This program combines recycling with economic development to fuel new businesses, expand existing ones, create jobs, and divert waste from landfills.
calrecycle.ca.gov/rmdz
Sonoma County Energy Independence Program (SCEIP)
This program offers PACE financing for permanent energy, water, wildfire safety, and seismic strengthening improvements through the property tax system. Financial is available for residential, commercial, industrial, agricultural, multifamily and certain non-profit projects.
(707) 565-6470
ScEIP@sonomacounty.gov
sonomacountyenergy.my.site.com/financing/s
Crowdfunding and Other Resources
Crowdfunding connects entrepreneurs with investors and/or donors who pool their resources to fully fund a project or venture. Each of the sites listed below differdiffers in their offerings and requirements, so be sure to investigate each thoroughly.
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Name |
Website |
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Indiegogo |
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Kickstarter |
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Gofundme |
Tax-Exempt Bond Financing
The EDC, in partnership with the California Enterprise Development Authority (CEDA), facilitates bond financing to help Sonoma County manufacturing/processing firms and local Non-Profits to expand.
Industrial Revenue Bonds for Manufacturers
Industrial Development Bonds (IDBs) are tax-exempt securities issued by cities, counties, and joint powers authorities (JPAs), such as CEDA, to provide small- to medium-sized manufacturers money for land purchases, building construction, facility expansion, new production equipment acquisition, and solar and energy conservation retrofits. Benefits of IDB financing include below-market interest rates, long-term financing, and it is available statewide without limitations to specific areas or communities. Overall, IDB financing reduces total financing costs so more capital can be invested back into the organization’s operations.
- Visit the CEDA website for more information about Industrial Revenue Bonds for Manufacturers
501c3 Revenue Bonds for Nonprofits
501(c)(3) revenue bond financing facilitates land and building acquisition, building construction, and refinancing of prior debt (for eligible capital projects). Benefits of this type of financing include below-market interest rates, long-term financing, and it is available statewide without limitations to specific areas or communities. A 501(c)(3) revenue bond is preferred over a conventional loan because the interest is tax-exempt and therefore the interest rate is significantly lower than bank financing. Over a long period of time, this can mean substantial savings to the borrower, depending on the amount financed, and reduces total financing costs so more capital can be invested back into the organization’s operations.
- The Humane Society of Sonoma County recently used these bonds to expand their facilities and open the new Healdsburg Center for Animals in 2016.
- Visit the CEDA website for information about Industrial Revenue Bonds for Non-Profits
About CEDA
CEDA was established as a Joint Powers Authority (JPA) by the California Association for Local Economic Development (CALED) to address gaps in economic development financing. Specifically, CEDA’s goal is to issue bonds for small to medium-sized California manufacturers or nonprofits looking to grow or expand, and in some cases refinance
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