Riverside COVID-19 Resource Guide
Small Business Funding
SBA DISASTER LOAN
U.S. Small Business Administration (SBA) issued a disaster declaration officially designating Riverside County eligible for the Economic Injury Disaster Loan (EIDL) program. EIDL loans can provide vital economic assistance to small businesses and private non-profit organizations to help overcome the temporary loss of revenue they are experiencing.
These loans are working capital loans and cannot be used to refinance existing loans. These loans can be used to pay for operations such as fixed debts, payroll, accounts payable, and other bills that could not be paid due to COVID-19. Applicants may apply online, receive additional disaster assistance information and download applications. The deadline to apply for an Economic Injury Disaster Loan is Dec. 16, 2020.
CALIFORNIA SMALL BUSINESS LOAN GUARANTEE PROGRAM & DISASTER RELIEF LOAN GUARANTEE PROGRAM
The State’s Small Business Finance Center (SBFC) partners with Financial Development Corporations to provide loan guarantees and direct loans for small businesses that experience capital access barriers.
These loan guarantees and loans are available for small businesses located in California with 1 to 750 employees or eligible non-profits. Funds can be used for start-up costs, new construction, inventory, working capital, export financing, franchise fees, business expansion, lines of credit, gap financing, agriculture, and disaster relief. For more information, click here.
JUMP START LOAN PROGRAM
The Jump Start Loan Program (Jump Start) helps small businesses start, grow, and thrive. Jump Start provides microloans, technical assistance, and financial literacy training. This program is available to small businesses or individual(s) becoming a small business, located in California. Borrowers must be a low wealth entrepreneur with a business located in a declared disaster area OR must be a low wealth entrepreneur located in a low-wealth community within BOTH a county with a per capita income
equal to or less than 115-percent of the statewide average AND a city or unincorporated area with an unemployment rate equal to or greater than the statewide average. Borrowers’ annual income must be equal to or less than the statewide average. Loan proceeds must be used in California and funds must be used for start-up costs, property, buildings, machinery, equipment, inventory, or tenant improvements. For more information, click here.
CDC SMALL BUSINESS FINANCE EMERGENCY LOANS
CDC Small Business Finance is offering emergency microloans and working capital loans in addition to their usual loan offerings due to the COVID-19 crisis. Click here for the details on their different loan programs.
FACEBOOK SMALL BUSINESS GRANTS PROGRAM
They know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. They are offering $100M in cash grants and ad credits to help small businesses. For more information, click here.
PACIFIC COMMUNITY VENTURES SMALL BUSINESS LOAN PROGRAM
Pacific Community Ventures is a non-profit that specializes in helping small businesses who have trouble qualifying for loans gain access to capital. For more information on the program, click here.
LENDISTRY LOAN PROGRAMS
Lendistry offers several different types of loans including lines of credit. For more information on their different loans and terms, click here.
KIVA
Kiva is a non-profit that expands access to capital for entrepreneurs around the world. They have crowdfunding and loan options. Entrepreneurs can raise up to $15,000 with no interest and now, entrepreneurs in the U.S. can qualify for a six-month grace period on repayment. For more information, click here.
ACCION SMALL BUSINESS LOANS
ACCION is a nationwide network of lenders. ACCION provides small businesses with loans from $300 to $100,000, as well as providing free business counseling and other services. For more information about the Southern California branch, click here.
OPPORTUNITY FUND
They are a national non-profit business lender. Opportunity Fund is committed to supporting existing and new small business customers who are financially struggling amidst the COVID-19 outbreak. For more information, click here.
AMPAC MICRO AND REFINANCE LOANS
They offer several different loans to small businesses and are offering micro and refinance loans to small businesses affected by COVID-19. For more information, click here.
EXIM BANK
The Export-Import Bank of the United States (EXIM) is announcing relief provisions for exporters and financial institutions located throughout the United States that may have been affected by COVID-19.
EXIM is offering the relief measures listed below, including waivers, deadline extensions, streamlined processing, and flexibility, to our customers for an initial period of 30 days (with the possibility of a further extension of the period, at EXIM’s discretion). For more information, click here.
AMERICAN BANKERS ASSOCIATION COVID-19 ASSISTANCE LIST
The ABA has created a centralized list of bank relief programs which is available here.
EATER LIST OF RELIEF FUNDS FOR RESTAURANTS, BARS, AND FOOD SERVICE WORKERS
Eater has compiled a list of relief funds for food and drink service businesses and workers. Some of these funds offer loans, microloans, or grants. Click here to learn more about the various funds available.
RIVERSIDE COUNTY SMALL BUSINESS LOANS
Click here to review Riverside County’s Economic Development Agency financial assistance loans.
