National city and the South County Economic Development Council announced they would provide $ 5,000 loans with no monthly payments and no interest to small businesses during the pandemic.
Small at-risk businesses will share a total of $ 200,000 provided under the Coronavirus Aid, Relief and Economic Security Act. Repayment will not be due until April 1, 2021 and loans may be canceled.
“Our city council has unanimously and ecstatically supported this allocation of CARES funds – in partnership with South County EDC – to focus on our small businesses that have been affected by COVID-19,” the city mayor said. national, Alejandra Sotelo-Solis. “We know they are the backbone of our community, and we look forward to hearing the success stories from the 40 eligible companies and how they are maximizing this resource.”
The loans will be issued and managed by the South County EDC. Loans can be converted into a forgivable grant if certain criteria are met.
“South County EDC is an economic development organization, and we’re here to support our southern county businesses,” said Jim O’Callaghan, President and CEO of EDC. “We are proud to work with the City of National City to provide some economic relief as local business owners reopen their businesses. Small businesses are the main engine of economic growth in our region, and we are here to provide the right resources to help them get back on their feet.
EDC South County is a non-profit organization formed in 1989 by a group of business and community leaders from the region.