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City Of Manhattan Beach Unveils Loan Program For Businesses

Written by on January 26, 2021

MANHATTAN BEACH, CA — The Metropolis of Manhattan Seashore has created a $250,000 fund to help native small companies by providing loans as much as $10,000, in accordance with a metropolis notification. The mortgage program will start to just accept purposes on Wednesday, Jan. 27, on a first-come, first-served foundation till all funds are exhausted. The enterprise mortgage fund was created in response to companies dealing with decreased revenues and potential closures following coronavirus restrictions.

“Manhattan Seashore small companies are a part of the material of our neighborhood,” mentioned Manhattan Seashore Mayor Suzanne Hadley. “Our metropolis is taking a management function in offering much-needed monetary help to assist our companies maintain their operations.”

At its Dec. 15, 2020 Metropolis Council assembly, council opted to ascertain a $250,000 fund for a COVID-19 enterprise mortgage program to help native small companies that function within the Metropolis of Manhattan Seashore. “The quantity of help will vary from $2,500 to $10,000 with an rate of interest predicated upon the Native Company Funding Fund (LAIF) price on the time that the Metropolis points an affirmative declaration that the native emergency is now not in impact plus 0.5%,” in accordance with town.

The town is trying to assist companies which have been deemed ineligible resulting from socio-economic components relating to different accessible mortgage and grant applications. And whereas quite a few federal and county monetary help applications have been created to help companies, few cities have put aside funding to financially present loans to native companies.

In establishing the mortgage program, town believes it “promotes the financial viability of native companies financially impacted by the COVID-19 pandemic, reduces the chance that native jobs will probably be misplaced as a result of COVID-19 pandemic, and reduces the chance that the Metropolis’s gross sales tax and different revenues will probably be additional diminished as a result of COVID-19.”

To be eligible for the mortgage, the enterprise should:

  • Be thought of a “Native Small Enterprise” as a “enterprise” (defined in Section 6.01.010 of the Municipal Code);
  • Maintain a present Metropolis enterprise license,
  • Has yearly gross income of $3.Zero million or much less; and
  • Preserve a “brick and mortar” location bodily positioned throughout the Metropolis of Manhattan Seashore. Companies which might be thought of “house occupations” aren’t eligible for this mortgage.

To help companies, the Metropolis has developed a webpage that may be visited at www.citymb.info/covidloans. The webpage incorporates a hyperlink to the appliance, often requested questions, and extra paperwork that could be useful in processing the appliance.

For added data or questions concerning the Metropolis’s mortgage program, companies could attain out by e mail at covidloans@citymb.info.

— to patch.com

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