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:
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- 0% interest if paid back within 6 months
- 1% interest if paid back within 12 months
- 2% interest if paid back within 18 months
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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:
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- 2% interest if paid back within 12 months
- 3% interest if paid back within 30 months
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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
