City Puts $1M Toward Loan Program for Small Businesses
Zero-interest loans for small businesses impacted by COVID-19
To help small businesses with the impacts of COVID-19, the City of Roseville is offered up to a total of $1 million in zero-interest loans through the new Roseville Small Business Stabilization Program. The program will provide secured loans of up to $20,000 per business.
Roseville small businesses can apply for these loans from noon, Thursday, March 26 to 5 p.m., Monday, March 30, 2020.
"First and foremost the City wants to keep our community safe and healthy. We understand the financial impacts to both our residents and businesses and we are making every effort to assist our community," said Laura Matteoli, Roseville Economic Development Director.
The business must have a demonstrated hardship due to COVID-19. Funds may be used to cover the day-to-day operating expenses of the business such as payroll or rent.
Other eligibility requirements include:
- For-profit, independently owned local business
- Up to 25 full time employees
- Restaurants, retail, service with a storefront
- Physical establishment within the City of Roseville
- Current City of Roseville Business License and in operation as of March 1, 2020
- Have a demonstrated hardship due to COVID-19, such as a loss in revenue
- Funds shall be used for operational needs such as lease/mortgage payments, payroll, materials, supplies and services
- Comply with the City’s non-discrimination policy
- One time loan per business
- Be in good standing with the City of Roseville as of February 1, 2020 (e.g., current on utility bills, no liens or judgments, etc.)
In addition to the Small Business Stabilization Program, the City will be allocating $500,000 of additional Homelessness Prevention and Rapid Rehousing funds to non-profits to provide for much needed rental and utility payment assistance and funding.
Businesses can learn more and apply at roseville.ca.us/BusinessHelp.
Source: City of Roseville