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CORE Capital Loan Program

CORE Capital Loan Application Process

Initial and follow-on loan application

Applications are reviewed in the order received. Once determined to be complete, a place in the queue for funding once it becomes available.

  1. Complete the CORE Capital Loan Application (for follow-on loan, select follow-on in the drop-down under "loan type")
  2. Send application completed with all required fields to CORE Capital Loan Program (do not send links to documents - sending links will delay your application process)
  3. CORE Loan processing team will review documents and be in contact regarding any additional information (If application is incomplete, an e-mail will be sent to the applicant detailing missing items and application will be placed back in line for review)
  4. Resubmit requested additional information and/or corrected documents

Loan documents

Once your loan is approved, the loan documents will be prepared and sent to the applicant for review. Please respond to the email with any corrections needed. Loan documents will be prepared and sent to the Borrower, Non-Borrowers, and City Signatories for signature through Adobe Sign. Once the loan documents are fully executed, we will begin the process to issue the loan check. In order to receive your check, you must register as a supplier with the City.

Application

  1. Loan Information
  2. Applicant Information
  3. Business Information (Type of business you are seeking funding must correlate to business type throughout all documentation)                        
  4. Parties with at least 20% Ownership (required if not 100% owner-  Photo IDs of all parties required)      
  5. Application Documents
  6. Budget Documents
  7. Loan Budget (Specific items with cost totalling the full amount of loan request)
  8. Budget Statement (Narrative relative to business type)
  9. Acknowledgement & Certification
CORE_logo open_in_full

The City requires a current Form W-9 and either a California Form 590, for in-state vendors and nonprofit organizations, or California Form 587 for out-of-state vendors, when establishing a new vendor account or making any kind of payment. The purpose of the forms is to ensure that the City complies with Federal and State withholding requirements. The forms also ensure that the City has the correct name of the individual or business, the correct address and the correct form of business for the vendor or payee.

The withholding agent will always be the City of Sacramento;

The name you register with is the name that the check will be made payable to. If you add your dba, both names will be on the check;

The address you register with is where the check will be mailed;

The mailing address on the loan application, which is added to the loan documents, should be the same address you register with in the portal. This is also the address where you will receive your invoices as well as any other notices from the City regarding your loan.

If documents are missing or incorrect, the applicant will receive an email from the City detailing what is needed. Be sure to check the portal and/or your email to ensure your registration is complete.

Eligible use of proceeds

  • Accounting fees
  • Architect fees
  • Bookkeeping systems and fees
  • Branding (name, logo)
  • Building Permit Fees
  • City of Sacramento Business Operating Permit (BOP) Fees
  • Commercial Real Estate Purchase (for the applicant's own cannabis business)
  • Consultants Equipment and Furniture
  • Permitted Event Costs
  • Insurance
  • Inventory
  • IT and Website
  • Legal fees
  • Marketing and Advertising
  • Packaging
  • Point of Sale and Inventory Systems
  • Rent for Leased Business Location
  • Security Deposit for Leased Business location
  • Security Plan
  • Staff and Contractors
  • State License Fees
  • Structural Engineer 
  • Tenant Improvements/Construction Costs

Ineligible use of proceeds

  • Operating an Unlicensed Cannabis Business
  • Buying Unlicensed Inventory
  • Relending or Investing
  • Expenses for a Business that does not require a BOP or a State Cannabis License (ancillary business)
  • Personal expenses or the acquisition of personal property such as cars, homes, etc.
  • Payments of distributions to associates of the borrower other than for ordinary compensation for services rendered
  • Refinancing existing debt
  • Payment of administrative penalties
  • Legal fees related to alleged violations of state or city code, or BOP conditions

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