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Posted on: December 20, 2020

City Council Extends Business Loan and Residential Loan Program

The City of Marina has approved an extension of its Small Business Loan Program allocating an additional $400,000 from General Fund monies for a total of $550,000 to support local small businesses that are struggling to survive during the COVID-19 pandemic.  Additionally, the City approved an extension to the Residential Loan Program allocating an additional $100,000 from the City’s General Fund for a total of $150,000 to support residents harmed by COVID-19 impacts.

Marina’s business community is vitally important to the City.  The Marina City Council in partnering with our business community is extending the City’s original Small Business Loan Program which was allocated $150,000 and was set to expire December 31, 2020.  The new extension allocates an additional $400,000 from General Fund monies and extends the loan program through March 31, 2021.

The Small Business Loan Program is targeted to meet the needs of many small Marina businesses whose operations have been either closed or severely limited by the State’s and County’s health orders and now the most recent stay-at-home order that went into effect December 13, 2020.   These businesses are struggling to survive and are facing financial impacts, potential employee layoffs or business closures.  The Small Business Loan Program will provide a lifeline to many small businesses that can use the no interest loan up to December 31, 2023 to bridge the gap of revenue needed while tapping into to Federal and State grant funds or to sustain business operations until COVID-19 impacts begin to subside and businesses are able to operate again under more normal conditions. 

Small Business Loans

Program Deadline: March 31, 2021, or funds depletion

Terms:

  • Up to a $15,000 loan 
  • 0% if repaid by December 31, 2023

Applicant Eligibility:

  • Must have a loss of income due to COVID impacts and incurred expenses.
  • Applicants must operate out of a physical commercial location within the city limits 
  • Must currently have an active City Business License, and as of January 1, 2019.
  • Must have had 10 or fewer full or part-time employees before March 1, 2020. The requirement for restaurants is 20 or fewer employees.
  • Must have gross annual business revenue under $1 million.

Residential Loans

Program Deadline: January 31, 2021, or funds depletion

Terms:

  • Up to a $3,500 loan. 
  • 0% if repaid by December 31, 2023 

Applicant Eligibility:

  • Must be a resident of the City Marina as of January 1, 2020 or Home Occupation in the City of Marina as of January 1, 2020 
  • Must have a household income of less than 120% of the Monterey County Median, adjusted for household size
  • Must have had economic damage due to the COVID 19 event due to unemployment or reduction of hours 

 

To apply or learn more, visit https://www.cityofmarina.org/973/City-Loans-for-COVID-Impacts

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