SOAR Loan Program

SOAR Application Package

The Stabilization, Opportunity, and Resilience (SOAR) Loan Program was created to boost small business recovery in the wake of the COVID-19 emergency by providing short-term working capital loans from $5,000 to $20,000. SOAR loans will be used to (1) stabilize business operations or (2) allow businesses to turn adversity to opportunity or (3) make the business more resilient to future economic shocks.

Loan Guidelines

  • Loans from $5,000 to $20,000 will be based on demonstrated need for businesses in Modoc, Shasta, Siskiyou, and Trinity Counties.
  • Business must be a for-profit corporation, partnership, LLC, or sole proprietorship.
  • Business must be a small business as defined by the Small Business Administration.
  • Business must be legal under federal law.
  • Must be in business a minimum of two years.
  • Historical loan repayment ability and adequate personal and business credit history must be demonstrated to qualify.
  • Collateral will be dependent upon available collateral, strength of credit request, and size of loan. At a minimum, a UCC filing will be secured.
  • A $500 origination fee, credit report cost, and UCC filing fee will be deducted from the loan.
  • Interest rate is fixed at 5.00% for the term of the loan.
  • Loan will be interest-only for six (6) months, followed by 36, fully amortized monthly principal and interest payments.
  • There is no prepayment penalty; loan may be prepaid at any time.
  • All 20% and more owners must personally guarantee the loan.
  • All loan payments are to be made automatically via ACH.
  • Loans are for working capital only and may be used for rent, payroll, inventory/supplies, utilities, etc. Funds may not be used to pay off existing debt, refinance other loans, acquire a position in a business, or to pay for any personal expenses.
  • Additional terms and conditions may apply.
  • Larger loan requests with alternate rates and terms may also be considered.

Ready To Take Action?

Download SOAR Application