Old Growth Diversification Revolving Loan Fund

Agency: CA Trade and Commerce Agency

Program: Old Growth Diversification Revolving Loan Fund

Program Description: The goal of the program is to offset the economic impact of the decline in the timber industry by diversifying the local economies and creating jobs in the impacted areas. The program offers low-cost capital to businesses that will create or retain jobs in the target area.

Eligible Communities: Eligible applicants are for-profit businesses, including businesses operated by federally recognized Indian Tribes. Preference is given to businesses involved in the value-added wood products industry and other resource-related manufacturing, but other types of businesses may be found eligible if they meet secondary criteria. Generally, retail businesses are not eligible, but determinations are made on a case-by-case basis.

Funding Information: Businesses must create at least one job for every $35,000 borrowed, and must fund 25% of the projects through either its own resources or other non-federal borrowing.

Timelines: Applications are accepted at any time. There is no specified "funding cycle."

Contact: Diane Brady