MONTEREY COUNTY — Cal Coastal has announced additional small business loans to assist Monterey County businesses impacted by the Covid-19 pandemic.
“New economic support is available for businesses in Monterey County, which are still being negatively impacted by the pandemic,” said Maia Carroll, the county’s communications coordinator.
Money from the Small Business Revolving Loan Fund have been designed to support small businesses in Monterey County, with the county having received an additional $1.6 million from the Economic Development Administration under the CARE Act to support the effort.
Applicants need to demonstrate their business has been financially burdened by the public health emergency. They are also required to have between two and 10 employees, have annual revenues of less than $2 million, be an operating business and not a passive real estate entity, been in business for at least one year, have a feasible plan to recover post-disruption and be current on federal income taxes.
The terms of the loan include a low fixed interest rate, maximum loan term of seven years, initial payment deferment period of up to nine months and a waived loan and application fee, though borrowers are responsible for a $250 documentation and closing fee.
Loan proceeds can be used for working capital and may go toward expenses, such as payroll, rent, inventory, utilities and more.
To apply, businesses can submit a pre-qualification at calcoastal.org/pre-qualification/ or by phone at 831-676-2020. One-on-one assistance in completing the loan application is available by appointment by calling 831-676-2017.