Imperial County Board approves loan Program to help local business

The Imperial County Business Stabilization Lending Program

EL Centro, Calif. (KYMA, KECY) - The Imperial County Board of Supervisors approved to set aside $500,000 for a loan program to aid local businesses struggling due to the COVID-19 pandemic.

The board voted unanimously on May 12, in favor of the program called The Imperial County Business Stabilization Lending Program.

The county says funding will come from existing community and agricultural benefit funds. Businesses and non-profits will be eligible to receive up to 10,000 dollars in loan funding.

County officials, say they are committed to doing what they can to help local businesses beyond seeking state and federal support.

The limit of $10,000 per qualifying applicant was set to try to assist as many businesses as possible, according to the county.

The Board of Supervisors will create an ad-hoc committee to review applications.

To qualify for the loan, a business must meet the following requirements:

·       They must be a for-profit or non-profit business in Imperial County

·       They must be an agriculture, commercial manufacturing, retail or service business

·       They must have a physical establishment within Imperial County

·       They must have a current city/county license and be in operation as of Dec. 31, 2019

·       They must have a demonstrated hardship due to COVID-19

·       Funds must be used for short-term working capital needs such as lease/mortgage payments, payroll, materials, supplies and services

·       They must comply with the county’s non-discrimination policy

·       They can only receive a one-time loan per state business entity

·       They must be in good standing with cities and/or county

·       Corporate and personal loan guarantees of applicant at 20 percent

Businesses already receiving community or agricultural benefit funds and are in good standing with the county are eligible to receive the new loan funding, says the County.

The County says loans will include a forgiveness clause should the business prove it has maintained or hired back its previous workforce.

The application process will begin May 18, and early applications will not be accepted.

Visit the Imperial County website for more information.

For questions on the loan program, contact the County Executive Office at 442-265-1001.