By Donna Westfall – November 25, 2020
Last week I learned of interest free loans of up to $5,000 to help businesses during the COVID crisis. It’s called the Small Business Stabilization Program.
To qualify 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
• Businesses with fewer than 5 employees
• Physical establishment within the County of Del Norte
• Current City business license (if applicable) 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 Crescent City and County of Del Norte as of February 1,
2020 (e.g., current on utility bills, no liens or judgments, etc.)
Loans will be awarded on a first-come, first-serve basis for qualified applicants. The application period will be open until funds are exhausted.
There is an application to fill out…. and financial documents to be submitted. Approval process may take up to 5 business days. Funding anticipated to be released within one week of final approval.
Today, I received paperwork about the interest free loan and was surprised to learn that this program has been available since April, 2020. The total amount available was $140,000 and Holly Wendt at Crescent City, City Hall said over half has already been spent.
Who do you contact for further information and an application?: Economic Resiliency Team – email: Hwendt@crescentcity.org