SAN JOSE, Calif. (KRON) Town of San Jose is launching a brand new micro-loan program to help small companies through the pandemic.
As of Friday, purposes will now be accepted.
The California Rebuilding Fund will assist profitable companies that had been impacted financially by the pandemic.
A webinar will be held on Dec. 1 at three p.m. for extra info on how one can apply.
Loans can be found as much as $100,000. A pre-application is accessible on-line.
The micro-loans issued by the California Rebuilding Fund will present a desperately wanted lifeline to 1000’s of small companies hanging on by a thread,stated Mayor Sam Liccardo.These various eating places, native retailers, salons, and retailers stir the financial and culturalcoronary heart of our San Jos group, and we have to do no matter we will to assist them survive.
In case your small enterprise could qualify, officers advise you to achieve out to BusinessOwnerSpace for utility help.
Eligibility:
- Companies should have 50or fewerfull-time staff (FTE).
- Annual revenues should not have exceeded $2.5 million.
- Revenues should have declined since January 2020.
- Enterprise have to be operational and dealing to remain in enterprise.
Key phrases:
- Loans as much as $100,000 can be found with a three- or five-year reimbursement interval.
- Loans have a 4.25 % rate of interest, with an interest-only interval for the primary 12 months and stuck month-to-month repayments.
- No upfront charges charged to the small enterprise.
- Mortgage for use as versatile working capital.
— to www.kron4.com
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