FV Newsletter

Oct 22

[ARCHIVED] Small Business Emergency Relief Loan Program

The original item was published from October 22, 2020 3:08 PM to October 27, 2020 9:02 AM

The City of Fountain Valley continues to help businesses during the pandemic. The City Council approved and created a COVID-19 Related Small Business Emergency Relief (SBER) Loan Program at the October 6, 2020 City Council Meeting to help its  commercial storefronts experiencing financial losses as a result of the COVID-19 pandemic.

In support of businesses that may not have secured the City’s COVID-19 Emergency Small Business Employee Retention Grant, Small Business Emergency Relief Grant Program, District 1 Grant Program or federal pandemic-relief funds, Fountain Valley has allocated $500,000 of its General Fund to provide up to a $20,000 loan with a two percent annual interest rate for a three year-term with no prepayment penalty. In addition, payment for the first three months will be deferred. Businesses must meet the City’s eligibility requirements to qualify. The loan may be used for working capital to cover the day-to-day business operating expenses, or other similar expenses that occur in the ordinary course of operations.

The loan application is available until November 4, 2020 at 5 p.m. To apply for the SBER Loan Program, go to this link.