The City of Porterville offers various financing options for businesses within city limits to help promote the economic vitality of our community.
Current programs include:
- Microenterprise Forgivable Loan Program
- Revolving Loan Program
- BAP-CV Program
- CDBG-CV Support for Non-Profit Operations Grant Program
Microenterprise Forgivable Loan Program (MFLP)
The City of Porterville's Microenterprise Forgivable Loan Program is a pilot program designed to stimulate the growth of new and existing for-profit businesses with five (5) or fewer employees, one or more of whom owns the business. The intent of the Microenterprise Program is to provide low- to moderate-income (LMI) business owners with financial support for the establishment, stabilization, and expansion of microenterprises and to facilitate the economic development of the city and target areas. It will also provide below-market-rate financing to small businesses based on the determination of need where the applicant is unable to finance the proposed project with equity, bank financing and/or other private and public financing.
The Microenterprise Forgivable Loan Program provides funding at a minimum amount of $1,000 the maximum amount of $10,000 and is subject to the City's funding cycle.
Income Eligibility
The owner must be at or below the 80% Area Median Income limits by household size, as established by the U.S. Housing and Urban Development (HUD) at the time of application. The business must be located in the City of Porterville, city limits. These income guidelines are updated by HUD on an annual basis.
English Materials
- Microenterprise Forgivable Loan Program Application (Fillable Version)
- Microenterprise Forgivable Loan Program Application (Print Version)
- Microenterprise Forgivable Loan Program Guidelines
- Microenterprise Forgivable Loan Program Flyer
Requisitos del Programa de Prestamos Perdonables para Microempresas (MFLP)
- Requisitos del Programa de Prestamos Perdonables para Microempresas (MFLP Guidelines) - SPANISH
- Solicitud de MFLP en Español (MFLP Application) - SPANISH (Version Digital que se puede llenar digitalmente)
- Solicitud de MFLP en Español (MFLP Application) - SPANISH (Version para imprimir)
- Volante del Programa de Prestamos Perdonables para Microempresas
The City's Business Assistance Program provides funding of $35,000 per every NEW job created by the project that is funded by the City. These funds may be provided to the Business by a low-interest loan. Determination of the loan is made by a project basis, utilizing a variety of criteria to determine the level of assistance that may be provided to the business. At least 51% of the full-time equivalent permanent jobs created must be made available to moderate-income individuals. A Non-Financial Employment Plan will be made a part of the Assistance packet. New jobs must be listed with the California Employment Development Department and /or Tulare County Workforce Investment Department.
The City's Revolving Loan Fund Program is funded by Community Development Block Grants (CDBG funds are federal dollars, therefore, construction projects using CDBG funds are subject to prevailing wage).
Limited funding is available and priority will be given to projects creating employment opportunities and/or benefits to the community. Approval for the use of the funds is subject to the Community Development Financial Review Committee.
• Revolving Loan Fund Program Application
• Revolving Loan Fund Program Guidelines
BAP-CV Program (Related to COVID-19 Pandemic Prevention, Preparation and Response): Funds still available in 2023!
In response to the Coronavirus Pandemic (COVID-19) the U.S. Department of Housing and Urban Development Block Grant funds to be used to Prevent, Prepare for, and Respond to COVID-19. This allocation was authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public Law 116-136, which was signed into law on March 27, 2020, to respond to the growing effects of this historic public health crisis. Funds Available: Funds can only be used to Prevent, Prepare for, and Respond to the Coronavirus pandemic. All eligible businesses submitting a complete and timely application will have an equal chance application will have an equal chance on a first come first serve basis, at receiving a loan up to $50,000 (any loan exceeding that amount will need to be approved by the City Council) until all funds are exhausted).
Equal Opportunity Compliance: The Loan Program will be implemented in ways consistent with the City's commitment to State and Federal equal opportunity laws. No person or business shall be excluded from participation in, denied the benefit of, or be subjected to discrimination under any program or activity funded in whole o in apart with CDBG program funds on the basis of his or her religion, religious affiliation, age, race, color, creed, ancestry, national origin, sex, martial status, familial status, physical or mental disability, medical condition, genetic information, sexual orientation, gender identity, gender expression or other arbitrary cause. All outreach efforts will be done in accordance with state and federal fair lending regulations to assure nondiscriminatory treatment, outreach and access to the Program.
English Materials
BAP-CV Program Guidelines
• BAP-CV Guideline Addendum
Application
• BAP-CV Application (Fillable Version)
• BAP-CV Application (Print Version)
Spanish Materials (Materiales en español)
Agenda de las Guias del Programa de BAP-CV
• BAP-CV Guideline Addendum SPANISH
Aplicación de BAP-CV ESPAÑOL
• BAP-CV Application - SPANISH Version Digital (Se puede llenar digitalmente)
• BAP-CV Application - SPANISH Version para imprimir
CDBG-CV Support for Non-Profit Operations Grant Program
The City of Porterville's Revolving Loan Fund (RLF) is designed to meet the capital needs of new or existing businesses located in the City of Porterville. The CARES Act provided additional Community Development Block Grant (CDBG) funding from the U.S. Department of Housing and Urban Development (HUD) referred to as CDBG-CV funded program hereon out referred to as NPO-CV will model the RLF and is designed to avoid job loss caused by the effects related to social distancing due to the COVID-19 pandemic; by providing short-term working capital assistance to non-profit entities to enable retention of jobs held by low- and moderate-income (LMI) persons or for the creation of positions that were eliminated due to COVID-19. All requirements noted in the Business Assistance RLF guidelines are required for NPO-CV Grant applicants unless noted below.
CDBG-CV Non-Profit Operations Grant Program Materials
Guidelines
• NPG-CV Guideline Addendum
Application
• Non-Profit Application Fillable/Printable
Financing for Entrepreneurs
Early-stage fast-growth entrepreneurs often go through several rounds of private seed funding, angel and venture capital investment as their product becomes viable. These investors are willing to make a "riskier" investment in the hopes of larger profits; however, they will expect a solid business plan and successful achievement of certain milestones before investing in a new company.
Angel Capitol Association
www.angelcapitalassociation.org
Alliance of angel investor groups in North America
National Venture Capital Association
www.nvca.org
Trade association of venture capital firms.
