Local small businesses suffering from the economic effects of COVID-19 could get a break. Loans up to $10,000 are available through the city of Yucaipa’s small business assistance loan to grant program.
According to the city, the loan will turn into a grant if the business retains at least one full time equivalent (FTE) employee from a low to moderate-income household for a continuous six-month period.
The application period starts this Monday, Feb. 15, at 9 a.m. and ends Friday, Feb. 26 at 5 p.m.
The Small Business Development Center (SBDC) presented information on the loan program and answered your questions. Missed the Webinar? Watch the recording: bit.ly/3qYjCFD
To be eligible, businesses must
• Be an existing for-profit business physically located within the city of Yucaipa.
• Have between 6-500 employees, not including the owner.
• Have an active Yucaipa business license for a minimum of 6 months.
• Be able to demonstrate adverse impacts from the COIVD-19 pandemic.
• Have exhausted any financial assistance (e.g. city of Yucaipa’s Small Business Assistance Grant, the County of San Bernardino’s COVID Compliant Business Partnership Grant, PPP, and EIDL).
• Demonstrate the availability of sufficient reserves to fund the employment of the income-qualified FTE employee for a continuous 6-month period or ability to repay the loan by the end of the 18-month loan term.
• Must currently employ at least one FTE employee from a low to moderate-income household that will be retained for a continuous six-month period.
The Small Business Development Center (SBDC) can help you with your application and help awardees with additional funding requirements at not cost.
Contact 1-800-616-7232 or visit online to book an appointment at ociesmallbusiness.org