How to Apply for a Loan

STEP 1: Prerequisites

Applicants must complete the steps listed on the “Before you Apply” page to apply for a loan from the City of Oakland. Depending on which funding tier is being sought, additional materials may be required to complete the loan application.

STEP 2: Online Application

Applicants must submit the loan application online; the application requires all prerequisite materials, as well as materials specific to the applicant’s chosen funding tier.  Read more about the materials you’ll need and find a downloadable checklist here. Paper applications will not be accepted.

STEP 3: Application Review

Loan applications will be reviewed by an Elevate Impact Loan Manager to ensure that the applicant has met the Tier requirements and submitted the required documents for that Tier.

  • If the Loan Application is complete, the Applicant will receive an email confirming that the application is complete and has been sent to the Loan Committee for review.
  • If the Loan Application is not complete, the Applicant will receive an email explaining which documents are missing and/or which Tier requirements have not been met. The Applicant will be able to complete and resubmit their application.

STEP 4: Loan Committee Review

Completed loan applications will be submitted to the Elevate Impact Loan Committee for loan review and scoring according to the Equity Loan Assessment Scorecard (click here to view and download). A Loan Application must receive a minimum score of 60 out of 100 points to be approved for a loan.

  • If the Loan Application scores 60 points or more, the Applicant will receive an email saying that the application has been approved and will be sent to an Elevate Impact Loan Manager for loan closing.
  • If the Loan Application scores 59 points or less, the Applicant will receive an email explaining that they did not meet the minimum score of 60 points. A Loan Committee member will call and/or meet with the Applicant to explain what they can do to improve their score. The Applicant can resubmit their Loan Application to improve their score.

STEP 5: Loan Closing

When an applicant’s loan is approved, the Elevate Impact Loan Manager will:

  • Send an email to the Applicant and to the City of Oakland stating that the loan has been approved.
  • Meet with the Applicant to review, complete and sign the closing documents.
  • Send completed loan documents to City of Oakland for City’s signature and payment processing.

STEP 6: Loan Funding

Once funds are available, the City of Oakland will contact the applicant to arrange pick up of the loan check and fully executed Loan Agreement at the Special Activity Permits Division, and sign the check receipt.

Step 7: Quotes and Receipts

A) Quotes. For audit purposes, applicants will be required to submit estimates or quotes for each budget line item. The amount on the quote/estimate must match the amount on the budget.

B) Receipts. For audit purposes, after the disbursement of the funds, the Grantee will be required to submit receipts for each item on the grant budget totaling the amount of this disbursement. It is a requirement that the receipts match the items on the grant budget. If the receipt amount varies from the budgeted amount, a budget modification will be required. Receipts must be uploaded by the earlier of: (i) the next loan or grant disbursement to the Grantee; or (ii) six months after the effective date of the loan agreement.

C) Budget modification:    If an applicant does not spend the amount outlined on the budget or wishes to introduce a different budget item with a new quote/estimate, a budget modification will be required.  This will include:

    1. a submission of the original budget with quotes
    2. identification of the line items that need to be changed on the original budget
    3. submission of new quotes/estimates  for the new line items
    4. submission of a revised budget with the applicant’s signature