Financing

  • Open-for-Business-1280x525

Loans

  • SBA-Logo-120x120The U.S. Small Business Administration has just announced the availability of low-interest federal disaster loans (up to $2 Million) for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
    • IBank-Logo-120x120California Small Business Disaster Relief Loan Guarantee Program (via IBank). $50 million in state funding, providing potential capital for individuals who may not qualify for federal funds.
    • CalCAP-Logo-120x120The California Capital Access Program (CalCAP) for Small Business encourages banks and other financial institutions to make loans to small businesses that have difficulty obtaining financing. If you own a small business and need a loan for start-up, expansion or working capital, you may eligible for this program. CalCAP is a loan loss reserve program which may provide up to 100% coverage on losses as a result of certain loan defaults. Loans are available up to $5 million.
    • US-Treasury-Logo-120x120The U.S. Department of the Treasury and Federal Reserve Board Announce New and Expanded Lending Programs to Provide Up To $2.3 Trillion in Financing: On Thursday, April 9, Treasury launched a Main Street Business Lending program and a Municipal Liquidity Facility to support the flow of credit to American workers, businesses, states, counties, and cities impacted by the coronavirus pandemic. The Municipal Liquidity Facility (MLF) will provide up to $500 billion in direct financing to states, counties, and cities to help ensure they have the funds necessary to provide essential services to citizens and respond to the coronavirus pandemic. More here. MLF term sheet and guidance can be found here.
    • California-rebuilding-fund-Logo-200The California Rebuilding Fund is a loan program to support California’s small businesses—especially those located in economically disadvantaged and historically under-banked areas of the state. Businesses who employed 50 or less full-time equivalent employees (FTEs) and had gross revenues of less than $2.5 million or below in 2019 are eligible to apply. The loans are flexible, transparent and are designed to help businesses access the capital and advisory services they need to get through these challenging economic times.

    Tax Relief

    • Main Street Small Business Tax Credit – Allows a small business hiring credit against California state income taxes or sales and use taxes.
      • Eligible businesses must have 100 or fewer employees as of Dec. 31, 2019, and
      • Suffered a 50% decrease or more in income tax gross receipts, when comparing Q2 2020 to Q2 2019
    • Tax Relief & Extensions
      • Taxpayers returns due between Dec. 1, 2020 and April 30, 2021 (for all but the largest taxpayers) will be extended.

    Grants

    • Small Business Relief Grant - $500 million in grants will soon be available for small businesses in California.
      • Round 1 applications open Wednesday, December 30th
      • Deadline to apply is Friday, January 13th

    Disaster Funding

    • Fema-Logo-120x120Businesses can begin applying for FEMA Disaster Assistance while we await a disaster declaration to release these funds.

    Business Expenses

    • When events cause people and businesses to suffer serious and costly losses and insurance benefits become critically important to recovery, United Policyholders provides guidance, advocacy support and information to facilitate fair claim payouts.

    Contact Information

    Lauren Cartwright

    Business Retention and Expansion Program Manager

    Economic Development Board

    Contact me by Phone

    Contact Information

    Marcos J. Suarez

    Asistencia a Negocios en Español

    Economic Development Board
    Contact us by Phone

    Contact Information

    Christine Palmer

    Business Development Program Manager

    Economic Development Board

    Contact me by Phone

    Address
    141 Stony Circle, Suite 130
    Santa Rosa, CA 95401