Additional Loans Available for Monterey County Businesses Affected by Covid-19 – The King City Rustler
MONTEREY COUNTY – Cal Coastal has announced additional small business loans to help businesses in Monterey County affected by the Covid-19 pandemic.
“New economic support is available for businesses in Monterey County, which are still affected by the pandemic,” said Maia Carroll, county communications coordinator.
Money from the Small Business Revolving Loan Fund was designed to support small businesses in Monterey County, with the county receiving an additional $ 1.6 million from the Economic Development Administration under the CARE Act to support the effort.
Applicants must demonstrate that their business has been financially burdened by the public health emergency. They should also have between two and 10 employees, have annual revenues of less than $ 2 million, be a running business and not a passive real estate entity, have been in business for at least a year, have a workable plan to recover after the death. disruption and be up to date on federal income taxes.
The loan terms include a low fixed interest rate, a maximum loan term of seven years, an upfront payment deferral period of up to nine months, and a waiver of loan and application fees, although borrowers are responsible for $ 250 documentation and closing costs.
The loan proceeds can be used for working capital and can be used for expenses like payroll, rent, inventory, utilities, etc.
To apply, companies can submit a prequalification to calcostal.org/pre-qualification/ or by phone at 831-676-2020. One-on-one assistance in completing the loan application is available by appointment by calling 831-676-2017.