OCEANSIDE COUNCIL APPROVES BUSINESS LOAN PROGRAM

At its April 22, 2020 meeting, the Oceanside City Council approved a $1.18 million allocation for a Business Loan Program that provides gap-funding to local small businesses whose operations have been negatively impacted by COVID-19-related health orders. Funding for the program comes from the City’s General Fund interest earnings.

The Business Loan Program was created in response to small businesses experiencing long wait times for federal loan funds. Loans ranging from $2,500 – $20,000 will be available to independently-owned, consumer-serving businesses in Oceanside that have been approved for federal loans, whose funds will not be arriving in a timely manner. The program is geared toward independent restaurants and retail establishments, those hardest hit by the health orders.

The Business Loan Program will be administered through the City’s Economic Development Division, and applications will be accepted starting Monday, April 27, 2020 at 9:00 a.m.

More information, including specific eligibility requirements may be found at https://www.ci.oceanside.ca.us/gov/ecd/home/businessloan.asp