Solvang’s $5K Emergency Loans checks will be sent by Monday!
By Carolyn Wooddal
During the March 20 Solvang City Council Meeting, a $250k Emergency Loan Assistance Program was established in an effort to help support small businesses in Solvang that are suffering from losses due to economic cessation from the pandemic.
“We understand and acknowledge the incredible impacts that this pandemic is having on our local tourism economy. We are seeing those impacts firsthand, on a daily basis,” said Solvang Mayor Ryan Toussaint.
This Loan program is being funded from City reserves and is meant to provide a stopgap while businesses wait for SBA Economic Injury Disaster Loan applications – or similar loans – to be processed. To date, the City has received nearly 85 loan requests.
“It is our hope, that these City-funded micro-loans will help our local businesses to continue to keep more workers employed. The loans are aimed at recovery, making sure that there’s something left to recover when the time comes,” said Toussaint. Also, he urged Solvang business owners to submit their applications during the weekend so they can have the checks by Monday. Mayor Toussaint had a live teleconference yesterday with Solvang business owners and answered their questions over the phone and he mentioned that the city council may increase the loan amount from $5k to $10K and told that city is also working on various other loan options to help Solvang businesses as much as possible till SBA loans arrive.
Solvang City Emergency Loan applications can be found here: www.SolvangResources.com/resources/business-resources
To ask questions :