Picture by Alexander Nguyen
A brand new low-interest mortgage program for small companies in San Diego County’s unincorporated space is now accepting functions.
Companies with 50 workers or much less hit by COVID-19-related losses can search loans between $5,500 and $50,000 below the county-approved program initiated by county supervisors Jim Desmond and Dianne Jacob.
“Our small companies have been enormously impacted by COVID-19, a lot of which haven’t acquired federal or state aid,” Desmond stated. “We wish to be sure our county companies can survive throughout this troublesome time.”
The initiative is a part of the San Diego County COVID-19 Small Enterprise & Nonprofit Mortgage Program. Companies can apply at https://us.accion.org/covidrelief. Nonprofits looking for help by means of this system ought to go to www.SanDiegoSBNLP.org.
`Like different elements of San Diego, our unincorporated space is filled with mom-and-pop retailers and different companies which have been devastated by the financial disaster rising out of the pandemic,” Jacob stated. “The earlier they’ll get some aid, the earlier they’ll get on the street to restoration.”
The Board of Supervisors permitted the creation of this system a number of weeks in the past. It’s being administered by the San Diego Basis, with help from Accion and Mission Pushed Finance.
“With county funds now in hand, we’re able to go,” stated Mark Stuart, president and CEO of the San Diego Basis.
Eligibility necessities embody:
Should be an current enterprise situated in unincorporated areas of the county with 50 or fewer workers;
- Should not have acquired funding from the Small Enterprise Affiliation’s Financial Damage Catastrophe Mortgage Program or Paycheck Safety Program;
- Should have a present supply of earnings — enterprise, job, unemployment, spousal earnings;
- Should have been an working enterprise a minimal of seven months;
- Should be present with credit score report and no chapter discharged inside the previous 12 months.
Accion is internet hosting a number of webinars, beginning Thursday, with Chief Credit score and Working Officer Robert Lopez so enterprise homeowners can be taught extra concerning the mortgage product. For webinar dates and occasions, go to https://us.accion.org/resource/webinarsc19/.
To view PDF paperwork, Download Acrobat Reader.
— to www.kpbs.org