For Immediate Release
IBank Approves New Disaster Relief Loan Programs for Sonoma County
EDB Efforts Pay Off for Local Businesses
Santa Rosa, CA – October 26, 2017 – On Tuesday,
October 24, 2017, the California Infrastructure and Economic Development
Bank’s (IBank) Board of Directors approved a new Disaster Relief Loan Guarantee
Fund Program and an expanded micro loan program to assist businesses affected
by the wildfires in Sonoma County and other state declared disaster areas. Just
days after the wildfires devastated areas of Sonoma County, the EDB reached out
directly to the California Governor’s Office of Business and Economic
Development (GO-Biz) to seek out financial assistance for county businesses
impacted by the fires. GO-Biz Deputy Director & CA Small Business Advocate
Jesse Torres contacted IBank Executive Director Teveia Brown who quickly moved
to propose the creation of a Disaster Relief Loan Guarantee Program (DRLGP) and
changes to the Jumpstart micro loan program to support the small businesses who
suffered losses from the wildfires to real and personal property and who faced
an uncertain future and financial calamity. The EDB’s Al Lerma thanked the
IBank Board of Director’s at Tuesday’s meeting for their speedy actions to
bring relief to Sonoma County businesses. The new finance programs will go into
$10 million for a Disaster Relief Loan Guarantee
IBank will issue loan guarantees through its
partner Financial Development Corporations to help small business borrowers in
declared disaster and emergency areas who need term loans or lines of credit
for working capital.
- Small businesses—including small farms,
nurseries, agriculture-related enterprises and nonprofits— that have suffered
an economic loss and/or physical damage may apply.
- The DRLGP will help lenders and small businesses
by providing loan guarantees of up to $1 million for Disaster Relief Borrowers
with guarantees covering from 85-95% of lender loans.
IBank expands Microloan Program to include
- IBank will expand its existing Jump Start Micro
Loans—loans ranging from $500 to $10,000— to now include state and/or federally
declared disaster and emergency areas in California.
- IBank established the Jump Start Loan Program in
2016 as a small loan and financial literacy/technical assistance program
designed for low-income small businesses in low-wealth communities, including
businesses owned by women, minorities, veterans, people with disabilities and
those previously incarcerated.
How to Access Loans
Access to IBank’s Disaster Relief Loan Guarantee Program and
Jump Start Loan Program can be made through its partner Financial Development
Corporations (FDC). For a listing of the FDCs for each program, see the documents below or call the EDB at (707) 565-7170.
SBFC FDC Fact Sheet
SBFC Disaster Relief Loan
SBFC Jump Start Fact Sheet