The City of Solvang is giving immediately $5k as an emergency loan to each needed business!
By Carolyn Wooddall
Solvang City Council approved to release emergency loans for businesses impacted by Coronavirus.
Solvang, declared Coronavirus Public Health and Safety and Economic Cessation Emergency, in an effort to access available emergency funding and reimbursement.
Solvang City council approved $250,000 Emergency Loan Assistance Program for Solvang Small Businesses suffering Coronavirus losses.
Solvang City Council also approved that residential and commercial water and sewer bills can be delayed up to 3 months without any penalty. The city council asked landlords not to force any eviction for commercial and residential tenants who can’t pay their rent during the state of emergency times.
“The City is hearing from business owners of their need for immediate support in the face of the economic cessation that has hit the community. This micro-loan program will give businesses the breathing room to then work with other programs, such as SBA and other recovery programs being developed at this time,” said Solvang Mayor Ryan Toussaint.
During the previous state of emergency in 2018 – when the landslide occurred and Highway 101 North Bound was closed for weeks- and Solvang businesses suffered greatly, SBA did not provide much financial aid at that time. Many business owners were disappointed.
This time the City of Solvang moved quickly and stepped in and made $250,000 available for the Emergency Loan Assistance Program, funding of which will come from City reserves. This is meant to meet emergency the cash flow needs of Solvang small businesses while they wait for U.S. Small Business Administration (“SBA”) or other type loan applications to be processed.
The $250,000 package would provide micro-loans of up to $5,000 per applicant Solvang business. Also City Manager Xenia Bradford, in her role as Emergency Services Director, will oversee the expedited development of this program, reporting back to the City Council on the program’s status at the next available City Council Meeting.
To apply for City’s $5K Solvang Emergency Small Business Micro Loan and to reach other federal and state-level financial sources please click below. https://www.solvangresources.com/resources/business-resources