Providing Loan Assistance for California Equipment (PLACE)

A CalCAP Progam

PLACE offers Crossroads a mechanism to provide loans to small businesses that may not otherwise be able to get a loan. With PLACE's portfolio insurance, Crossroads is able to cover portions of loans that exceed the risk threshold normally set for most business loans. PLACE's flexibility includes:

  • With very few exclusions, virtually any business loan is eligible under PLACE.
  • PLACE provides insurance to Crossroads' portfolio of loans. Funds are placed in a loss reserve account as each PLACE loan is enrolled.
  • PLACE allows Crossroads to cover loans beyond its conventional risk threshold whether it is for all of a loan or only a portion.
  • Crossroads can restructure loans by extending the terms of PLACE loans, amending covenants or releasing collateral.

Company Qualifications

  • 100 or less employees
  • 10 or less trucks. If a company has 10 trucks they can qualify for one more loan under this program for as many trucks as they want up to the ceiling of $2,500,000 in total loans.
  • $10 million or less in revenue (this is an average of the last three years).
  • May be located out of the state of California, but must conduct more than 50% of their business in California.
  • $2,500,000 limit per customer in three year period.

Truck Qualifications

  • Must be on road
  • 14,000 lbs or greater
  • 2007 engine compliant in California
  • Can be used with Proposition 1B grant funds
  • VIP – Voucher program can be used in conjunction
  • Type of tucks: Tractors, Yard Goats, Tow Trucks, Transfers

Bus Qualifications

  • Must be on road
  • 14,000 lbs or greater
  • 2007 engine compliant in California
  • Can be used with Proposition 1B grant funds
  • VIP – Voucher program can be used in conjunction.

Trailer Qualifications

  • 53 feet or longer can be enrolled if purchased in conjunction with a 2007 compliant engine
  • Types:
    • Regular box
    • Car carrier
    • Regrigerated unit
    • Liquid tanker