The Economic Development Collaborative of Ventura County has received nearly $2.5 million in federal CARES Act funding for a local business loan program.

The sum, allocated by the Commerce Department’s Economic Development Administration, will be added to the collaborative’s revolving loan fund, bringing it to $5 million, which is to be distributed over the next 24 months.

Qualifying Ventura County businesses can apply for loans of $10,000 to $250,000 with a fixed 4.2 percent interest rate and 7-year repayment term.

The collaborative’s director of lending, Marvin Boateng, said in a statement, “The Economic Development Administration is one of the EDC’s oldest partners. We greatly appreciate their more than 24 years of continued financial support and are excited that this new grant will expand our opportunity to lend to small businesses within Ventura County. We know that many have been hard hit by COVID-19 and additional capital is a lifeline to businesses with limited cashflow.”

The nonprofit collaborative was founded in 1996. It receives funding from the county, its 10 cities and the private sector to promote businesses and provide resources to stimulate the local economy.