National City and the South County Economic Development Council announced they will provide $5,000 loans with no monthly payments and zero interest to small businesses during the the pandemic.
Small businesses that are at risk will share a total of $200,000 provided under the federal Coronavirus Aid, Relief, and Economic Security Act. Repayment will not be due until April 1, 2021, and the loans may be forgiven.
“Our city council unanimously and ecstatically supported this allocation of CARES monies — in partnership with South County EDC — to focus on our small businesses that have been impacted by COVID-19,” said National City Mayor Alejandra Sotelo-Solis. “We know they are the backbone of our community, and we look forward to hearing the success stories of the 40 eligible businesses and how they maximize this resource.”
The loans will be issued and serviced by the South County EDC. Loans may be converted to a forgivable grant if certain criteria are met.
“South County EDC is an economic development organization, and we are here to support our South County businesses,” said Jim O’Callaghan, president and CEO of the 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 primary driver of economic growth in our region, and we are here to provide adequate resources to help them get back on their feet.”
The South County EDC is a nonprofit organization formed in 1989 by a group of business and community leaders from the region.
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