OEBD Services

What Type of Assistance Does the O-E-B-D Offer?

We offer a wide range of services and assistance for business in the city of Inglewood.

IDC Micro Loan

The City established a micro-loan program for business located in the In-Town Redevelopment Area on Florence to Hillcrest on the North and South and La Brea to Locust on the East and West. Inglewood administers the program offering loans from $1,000 to $25,000 to eligible businesses. Loans maybe termed for three to five years and priced below the Prime Rate, for borrowers with excellent credit, to points over the prime rate, for borrowers with less than stellar credit.

PCR Micro Loan

Since the IDC's micro loan is limited downtown businesses, OEBD developed a lending relationship with Pacific Coast Regional, Inc. to offer loans from $5,000 to $35,000 to Inglewood businesses, citywide. These loans are sponsored by the SBA and therefore, have stricter credit requirements. Loans are termed for three to five years and priced from 1 to 3 points over the Wall Street PRIME RATE. NOTE: Both Micro Loan programs provide funds to purchase inventory and equipment for advertising expenses or day-to-day operations. Façade or store front improvements are also eligible uses of these.

Grow Inglewood Fund (GIF)

This is and SBA loan that can be used to purchase equipment and inventory or for working capital needs to support a business expansion. GIF loans may also be used to purchase and renovate commercial real estate, as long as the borrower occupies at least 51% of the property for ongoing business operations. GIF loans rely on sound credit, require some form of collateral and require the borrower to guarantee repayment.

Other Loan Funds

OEBD has relationships with banks and other commercial lenders to offer city businesses a wide variety of business loans and assistance for Inglewood businesses. OEBD staff will help the borrower to assemble needed loan documentation and prescreen the borrower's application to determine which loan source may be most beneficial for the borrower. While borrowing directly from a bank is the preferred method for business lending, businesses that may not meet the bank's strict criteria are often referred to "community lending institutions" for assistance with loans that require more creative financing strategies. OEBD relies on its relationships with organizations like Pacific Coast Regional and the Long Beach Area Certified Development Corporation, FAME Renaissance and SBDC for these financings.

Technical Assistance for Businesses

OEBD staffing provides counseling and advises Inglewood business on a wide range of topics and concerns. OEBD also relies on established relationships with such organizations as the Small Business Development Centers (SBDC) for referrals of business owners with specific issues requiring technically skilled advisors and the entrepreneurs wanting to start a new business needing preparation of business plans and other essential business planning guidance.