Mid-Cities Financial Credit Union has partnered with a California capital program to aid small businesses.
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The $24 million credit union in Compton, Calif. has joined the California Capital Access Program, which offers financial institutions excess capital for loans to small businesses outside the credit union's normal approval criteria.
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The program is offered by the State Treasurer's Office California Pollution Control Finance Authority.
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The CalCAP program's maximum loan amount is $5 million and the maximum enrolled amount is $2.5 million. Lenders set all the terms and conditions of the loans and decide which loans to enroll into CalCAP.
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Lenders determine the premium levels to be paid by the borrower and lender within the parameters of the program. Loans can be short- or long-term, have fixed or variable rates, be secured or unsecured, and bear any type of amortization schedule.
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"Mid-Cities Financial was excited to partner with the CalCAP program to gain additional funds to aid small businesses who may not qualify under our current loan guidelines," said Melia Keller, president/CEO. "This gives the credit union the opportunity to help a group of struggling small businesses we may not have otherwise been able to assist."
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