Carlsbad Business-Loan Program

Let’s also survive the effects of the corona!

We (Klinge Realty Group) have been fortunate to stay in full operation and be very productive this year, so we haven’t had layoffs or cutbacks.  In fact, our team has grown – daughter Natalie is now on board!

But for those businesses that need assistance, the City of Carlsbad might be able to help:

The City Council approved $4.4 million for business loans as a part of the Economic Recovery and Revitalization Initiative focused on recovery from the COVID-19 health emergency.

Microloans will be made available for businesses with gross revenue of $2 million or less and 15 employees or fewer with loan amounts ranging from $5,000 to $10,000. Repayment rates are outlined below:

      • 0% interest if paid back within 6 months
      • 1% interest if paid back within 12 months
      • 2% interest if paid back within 18 months

Small business recovery loans will be made available for businesses with gross revenue of $3 million or less and 50 or fewer employees with loan amounts ranging from $10,000 to $25,000. Repayment rates are outlined below:

      • 2% interest if paid back within 12 months
      • 3% interest if paid back within 30 months

All applicants must hold a valid business license with the City of Carlsbad as of March 1, 2020 and be in good standing with the city.

To begin the first step in the application process, please go to http://carlsbadca.gov/loan. We will review your information and respond within five business days with a determination on whether you can proceed with the application process. 

In preparation for the next step in the application process you may want to gather documentation regarding the length of time your business has been in operation, the financial impact that the COVID-19 health emergency has had on your business, at least six-months of bank statements, and your plan for using the funds if awarded

The city will hold a webinar on June 3 at 3:00pm to answer questions regarding the loan program. Please click here to register.

The City of San Diego has closed their loan window already, but they have the list of federal, state, and local financial resources available for businesses here:

https://www.sandiego.gov/economic-development/resources/relief

Questions About Today’s Market

Our daughter Natalie is part of our team now as marketing director (in between her dance gigs). We got started yesterday with a few short answers (less than a minute each) to three basic questions about today’s market that she will be using individually on social media – here they are as a group:

If you have questions you’d like me to entertain, leave them in the comment section or email them to jim.klinge@compass.com!

Global Financial Meltdown

A viewer’s comment on YouTube led me to this terrific inside view of the 2008 financial crisis, and the resulting impact on the world. It rightly blames the entire fiasco on the Tan Man, who pitched his mortgages to Wall Street based on the yields generated if borrowers made their full-interest payments, when in reality, only a much smaller minimum monthly payment was all that was due.

It’s eerie to watch today as our financial markets are in question again:

I make a quick comment in at the 2:38-minute mark, standing in front of the most-expensive REO listing we received in the era – a 2,900sf house in downtown Carlsbad that sold for $603,000 in December, 2009.  It’s still owned by those buyers! The realtor.com estimate today is $973,900.

Coronavirus Market Check

We’re doing fine here at headquarters – how about you?

We’ve primarily worked out of the house for the last 17 years, so we aren’t experiencing any disruption just because we’re stuck at home.  We’re still having two listings being prepped for market, and haven’t had any escrows fall out yet.  So far, so good.

Our boss suggested that we don’t do open houses for the foreseeable future, and to use gloves and sanitizer for individual showings.  Tours via FaceTime or Skype are encouraged as well.

Here’s a snapshot of my hotsheet this morning – an equal compliment of new listings, price changes, solds, and new pendings (six each):

The volume will be light, but as long as we keep seeing new pendings, the market is working!

Birthday

Last year I thought I was taking my birthday off, but by the end of the day I had sold three homes!

I don’t expect the same action today, but instead we do have a handful of new listings in the works to kick off the selling season. I think the market is going to erupt over the next few weeks as we reach the perfect intersection of ultra-low rates and more boomers making their last move!

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