> S2E13 Impact – Resources for Small Businesses
October 1, 2020
Agencies that are assisting small businesses include the California Office of the Small Business Advocate, SCORE, SBDC, economic development departments as well as the Entrepreneurship Task Force. Most of these are free of charge.
Here are some details about the loan program:
Who is eligible for the loan?
Small business entities that have been affected by loss, damage or other economic injuries due to the COVID-19 pandemic and meet the program’s eligibility requirements.
How much can you borrow?
The Small Business Finance Center’s Disaster Relief Loan Guarantee Program allows a maximum loan of $1.25 million and a maximum guarantee of $1 million. To serve as many California small businesses as possible, the COVID-19 disaster program is focused on serving small businesses, especially those in low-wealth and immigrant communities with needs from $500 to $50,000.
Many Economic Development Directors agree that there is not a one-size-fits-all business checklist, therefore, meeting with the EDD team in the city in which you wish to start your business, contributes to the success. The department specializes in licensing, assistance with permits, advice on structure and even determining whether or not the city needs that specific business. The EDD not only saves businesses time and money but provides regulatory relief. Relief from some businesses has been crucial throughout the pandemic. Below are links to more info.