Local Businesses Expand with Gap Financing Program

My company was selected for a major rebranding project of the Eureka Redevelopment Agency in Eureka, CA. The scope of the project included designing a new logo and writing and designing new marketing/program materials and their website.

My copywriting skills were utilized to create an informational brochure to promote the Agency’s Owner Participation Program targeted at small businesses.

Website Copy for Eureka Redevelopment Agency

Owner Participation Program

The Eureka Redevelopment Agency plays a major role in facilitating the expansion of local businesses by working with local entrepreneurs as a gap financing lender.

Our Owner Participation agreement program leverages public funds to assist with a variety of small business needs, while improving commercial buildings and public facilities.

Assisting businesses through gap financing

Starting a business is the easy part – making it flourish is where the real work lies. The Owner Participation agreement assists businesses with commercial or industrial/manufacturing projects through gap financing. “Gap financing” means that once a business has exhausted all other debt financing methods that will allow it to move forward with a project, the Agency can fill in the gap needed for completion. This allows us to leverage limited government money against private and commercial lending sources.

Businesses helped by the Owner Participation agreement range from “Mom and Pop” retail shops and high tech enterprises, to commercial real estate owners with industrial manufacturing projects.

Scope of assistance

Projects addressed through this program include rehabilitation of existing structures, capital equipment and off-site improvements (if the off-site improvements are to be owned by the City/Agency upon completion, such as public parking lots, sewer/water lines, street improvements, etc.).

Contact us today to find out if your project fits within the program guidelines.

If a project is approved and funds are available, the Eureka Redevelopment Agency may reimburse the developer for project costs – from 10 to 20% of the increase in assessed value upon completion – in the form of a 15 year low interest loan at 3% per annum.

For example:

  • Current assessed value of a property is $150,000
  • Projected assessment upon completion is $300,000 (increase of $150,000)
  • Max. loan amount = $30,000 ($150,000 x .20)

Please contact the Redevelopment Agency staff to learn more about this program.

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