New Small Business Resources in the New Year (Posted Jan 19, 2021)
With the signing of the new Federal $900 Billion COVID Relief legislation into law, it includes major new funding for continuation of the Payroll Protection Program (PPP) and the SBA Economic Injury Disaster Loans (EIDL). The State has set aside $500 Million for its California Small business COVID-19 Relief Grant Program, and locally the Grow San Benito Small Business Revolving Loan Fund is available. Local businesses have these Four major loan or grant funding sources to access now.
If you don’t have a local bank you work with, there are numerous online lenders, some of whom specialize in PPP and small business loans. These include Kabbage and Lendio. Others are Ondeck, smartbiz, and Bluevine.
Access Plus Capital, Grow San Benito Loan Fund which administers the Grow San Benito loan program, is a community-based financial institution (CDFI), which means they can assist you with the newly refunded PPP and EIDL, as well as State programs, and the Grow San Benito loan.
For more information about the Federal Programs, see this article overview: Hartford Article
For the latest rules for PPP and EIDL see the January 6th Final Interim Rules posted by the SBA and the Treasury Department: Latest PPP and EIDL Rules: SBA and Treasury
Note that with the new PPP, food service providers such as restaurants, hotels, and vendors, are eligible to receive 40% more than other businesses for payroll costs. There is also new targeted funding for theaters, music venues, museums, and similar “shuttered venues”. The EIDL is a loan – but it includes a grant as well.
Shuttered Venues Operations Grant | CNN Article on PPP Loan Reopens
For the State’s Small Business Relief Grant Program information and application see: California Small Business Relief Grant
Round 2 Opens: February 2, 2021 | Round 2 Closes: February 8, 2021
Approval Notifications: February 11 – 18, 2021
For the San Benito Grow loan program go the Access Plus website to apply: Grow San Benito Loan Fund
Contact your accountant or bookkeeper about the specifics of these loans and grants. Check back with the SBA and Treasury for updated rule changes. If you have any questions, or need help figuring out whom to talk to about these grants and loans, contact us directly at 831-234-2044
SBA Loan Application and Business Assistance
For assistance with your SBA loan application or other business needs contact the Cal Coastal Small Business Development Center (SBDC) 0ffice in Salinas through their website at:
Phone: (831) 424-1099 Ext.3
Toll free number: 855-815-3833 Ext 3
Cal Coastal SBDC is your Best Resource for one-on-one professional help with your SBA loan application. Cal Coastal serves San Benito and Monterey counties, and is available at No Cost to your business! Their staff and business advisors are available to assist you by phone, email or video conference.
You must be a registered client to receive the no-fee services. Register at https://calcoastalsbdc.com/, Click the “Get Started” button and complete the registration for San Benito County businesses. Once completed, Cal Coastal SBDC’s professional staff will contact you directly to schedule the next steps to help you apply for the low cost SBA loan for your business or other needed services. Cal Coastal SBDC’s professional staff are available to help you directly during these difficult times. Contact them Today!
Below are links to local, state and federal organizations that provide information and other resources to local businesses. Please note that these links will be updated as additional resources are identified:
Small Business Administration Loan Program
Resource Spreadsheet from the CA State Treasurer courtesy of Assemblyman Robert Rivas
CA Small Business Finance Center Loans
California Association of Local Economic Development
California Employment Development Department
Business Resources from the Association of Chamber of Commerce Executives
California’s Response to the Coronavirus (COVID 19)
California Association of Micro Business
San Benito County Shelter in Place Order
Community Foundation of San Benito County Disaster Relief Fund
EDC San Benito Newsletter
SBC EDC Bulletin – July 2020 (PDF)
SBC EDC Bulletin – May 2020 (PDF)