The City of National City announced the funding of a Small Business Loan Program on June 16th to assist businesses being impacted by the current COVID-19 state of emergency. The City allotted $200,000 of the CARES Act funding they received from the County of San Diego. All or some of the loan can become forgivable if the business uses the funds on payroll, rent, and utilities.
The South County Economic Development Council was contracted with to assist in facilitating the loan program. To help make the funds available as quickly as possible for businesses in need the underwriting process was streamlined. Over the course of the first few hours of being active the loan program received over 85 applications.
South County EDC is an economic development organization, and we are here to support our South County businesses. We are proud to work with the City of National City to provide some economic relief as local business owners reopen their businesses. Small businesses are a driver of economic growth in our region, and we are here to provide resources to help them get back on their feet.
With the demand far out pacing the ability of programs like this it is important businesses prepare now to apply when the next round of applications open. Take the time now to gather documentation such as incorporation paperwork, business license, payroll records, proof of address, tax documents, and other operational expense paperwork. Each program has its own criteria but preparing allows you to respond quickly.
Many municipalities have either provided similar loans/grants or are looking to put one in place. For the most up to date list please take the time to visit our ,,resource page.