June 4, 2020 — A new low-interest loan program for small businesses in San Diego County’s unincorporated area is now accepting applications.
Businesses hit by COVID-related losses, and with 50 employees or less, can seek loans between $5,500 and $50,000 under the county-approved program initiated by Supervisors Jim Desmond and Dianne Jacob.
To apply, go to https://us.accion.org/covidrelief.
The initiative is part of the San Diego County COVID-19 Small Business & Nonprofit Loan Program. Nonprofits seeking assistance through the program should visit www.SanDiegoSBNLP.org.
“Our small businesses have been greatly impacted by COVID-19, many of which have not received federal or state relief,” said Supervisor Desmond. “We want to make sure our county businesses can survive during this difficult time.”
The Board of Supervisors approved the creation of the program several weeks ago. It is being administered by the San Diego Foundation, with assistance from Accion and Mission Driven Finance.
“Like other parts of San Diego, our unincorporated area is full of mom-and-pop shops and other businesses that have been devastated by the economic crisis growing out of the pandemic,” said Supervisor Jacob. “The sooner they can get some relief, the sooner they can get on the road to recovery.”
“With county funds now in hand, we are ready to go,” shared Mark Stuart, president & CEO of The Foundation. “We are grateful to Supervisors Desmond and Jacob for their leadership and for initiating this very important board action.”
The program includes these guidelines and eligibility rules for small businesses:
- Business loans from $5,500 to $50,000 to existing businesses located in unincorporated areas of the county with 50 or less employees.
- Must have not received funding from the SBA’s Economic Injury Disaster Loan Program or Paycheck Protection Program.
- Must have a current source of income (i.e. business, job, unemployment, spousal income).
- Business must be in operation a minimum of seven months.
- Must be current with credit report and no bankruptcy discharged within the past 12 months.
Accion is hosting several webinars starting today (June 4) with Chief Credit and Operating Officer Robert Lopez so business owners can learn more about the loan product.
For webinar dates and times, go here: https://us.accion.org/resource/webinarsc19/