The City of Roseville has selected 111 local businesses to receive zero-interest secured loans from its $1 million Roseville Small Business Stabilization Program. Loans will help small businesses with the economic impacts of COVID-19 and save 1,092 jobs.
“Small businesses are the backbone of our local economy. These loans are a lifeline during a time of unprecedented disruption,” said Mayor John B. Allard II.
The City received more than 276 applications. The applications were reviewed by a panel of city employees and external partners after they met program qualifications. Qualified businesses were awarded loans on a first-come, first-served basis. Micro businesses with five or fewer employees received a maximum of $5,000. Small businesses with six to 25 employees received loan amounts determined by the number of full-time equivalent employees, for a maximum of $20,000.
Businesses may use the funds to cover day-to-day operating expenses such as payroll, lease or mortgage payments, materials, supplies and services.
View the recipients and loan amounts. Checks were sent to businesses starting April 10.
“My family and I have worked very hard to build this brand as many other small businesses have. It’s awesome on so many levels to know the City has our back and acts fast. Thank you for being a good partner…so many small businesses will benefit from this,” said Chando’s Tacos owners, Chando and Karla Madrigal.
Loans for the Roseville Small Business Stabilization Program come from the Citizens' Benefit Fund, which was established in 1993 following the sale of the city-owned Roseville Hospital. The proceeds were placed in a trust and a portion of the interest earned each year is made available for grants with the purpose of improving the quality of life for the citizens of Roseville. This is the first time small businesses have received loans from the fund.
This program is in addition to the $10 million the City invested in small-business development through the Roseville Advantage Financing Program. Loans are available to Roseville small businesses through American River Bank, First Northern Bank, Five Star Bank, and River City Bank. Visit
roseville.ca.us/AdvantageFinancing for details.
More information on local, state and federal financial assistance and resources can be found by visiting roseville.ca.us/BusinessHelp.