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FOR IMMEDIATE RELEASE
Elisabeth Handler, Public Information Manager, Office of Economic Development
Cell: 408-599-9567; email@example.com
A New Micro-loan Program for San José Small Business Launched
SAN JOSE, Calif., (November 20, 2020) - A new, state-wide small-business loan program has been launched and will be accepting applications as of November 20, 2020. Supported by California's Infrastructure and Economic Development Bank (IBank), the California Rebuilding Fund is designed to help established small businesses that were operating successfully before the financial impacts of COVID-19 and the Shelter in Place orders that started in March 2020. To ensure that San José businesses are among the first to be able to access the funds, the City of San José will host a webinar on December 1, 2020 at 3:00 pm, to provide more information on California Building Fund and how to apply.
Loans of up to $100,000 are available and early applications are encouraged. The pre-application matching process will be managed online by the Connect2Capital platform from Community Reinvestment Fund, USA.
The California Rebuilding Fund is being implemented by local Community Development Financial Institutions (CDFIs), which will be involved in screening, approving, and funding the loans. In the Bay Area, these include Fondo Adelante, ICA, Main Street Launch, Opportunity Fund, Pacific Community Ventures, and Working Solutions, among others.
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"The micro-loans issued by the California Rebuilding Fund will provide a desperately needed lifeline to thousands of small businesses hanging on by a thread," said Mayor Liccardo. "These diverse restaurants, local retailers, salons, and shops stir the economic and cultural heart of our San José community, and we need to do whatever we can to help them survive."
San José small businesses who may qualify for this loan program are advised to reach out to the BusinessOwnerSpace (BOS) where they can get help with application, especially for new borrowers or if there are language barriers. BOS will provide application assistance from partners such as AnewAmerica, Silicon Valley SCORE, the Minority Business Development Agency and the Small Business Development Center.
"No social security number is required to apply for these loans," said Luz Urrutia, Chief Executive Officer of the Opportunity Fund. "This means that business owners can apply with their employer identification number (EIN) or with their individual tax identification number (ITIN), opening up a source of much-needed financial support to an important part of San José's economy."
The loans are intended to help businesses that were profitable until the pandemic impacted their business, but that managed to continue operating.
The loan fund pre-application process will be exclusively managed by an online portal, Connect2Capital platform, which will match each business with participating lender. Additional details:
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- Businesses must have 50 or fewer full-time employees (FTE).
- Annual revenues must not have exceeded $2.5 million.
- Revenues must have declined since January 2020.
- Business must be operational and working to stay in business.
- Loans up to $100,000 are available with a three- or five-year repayment period.
- Loans have a 4.25 percent interest rate, with an interest-only period for the first 12 months and fixed monthly repayments.
- No upfront fees charged to the small business.
- Loan to be used as flexible working capital.
The applicant will be matched to a participating Community Development Financial Institution (CDFI) at caloanfund.org. This will be followed by a full application submitted to the matched lender. A local CDFI will be responsible for reviewing the application. Careful preparation is important before making a loan application and businesses will need official documents that may include bank statements and most recent tax returns. If a business is unmatched with a lender it will be directed to additional resources to help it continue to operate and succeed.
About the City of San José
With more than one million residents, San José is one of the most diverse large cities in the United States and is Northern California's largest city and the 10th largest city in the nation. San José's transformation into a global innovation center has resulted in one of the largest concentrations of technology companies and expertise in the world. In 2011, the City adopted Envision San José 2040, a long-term growth plan that sets forth a vision and a comprehensive road map to guide the City's anticipated growth through the year 2040.
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