Thursday, October 22, 2020

City of Coronado Offers $2 Million in Loans to Local Businesses

One of Coronado’s distinguishing characteristics is our vibrant and eclectic downtown. Each small business that dots our commercial district represents one person’s dream made reality in the form of a restaurant, office or storefront. Together these small businesses weave the fabric of the community. From championing local causes to serving as community leaders, local entrepreneurs have always invested directly in Coronado.

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As we all struggle to navigate this uncertain time, it is small business owners who are bearing the brunt of the economic shutdown. Through no fault of their own, no lack of planning or failure to adapt to market trends, small businesses have been forced to drastically curtail their operations or shut their doors altogether. But help is at hand.

Committed to preserving the unique charm of Orange Avenue and the wellbeing of Coronado residents, the City of Coronado is inviting applications for Lifeline Business Loans of $15,000 per business, with checks being cut as soon as next week.

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The loans are zero interest with a 60-month term and repayment begins six months after receipt of the monies. One of the key criteria for eligibility is that the business pays sales tax. Priority is being given to ‘Tier 1 businesses’ that include non-formula restaurants, stores, hotels and entertainment venues. The City itself has a projected loss of $6 million for the Fiscal Year 2019-20 from both retail sales tax and hotel TOT (Transient Occupancy Tax). They are keen to help local businesses through this tough time and this in turn will help the City maintain its vital services to our community.

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City Manager Blair King says, “The City of Coronado supports its local businesses especially at this difficult and uncertain time. The City Council approved moving forward with these loans just last week to help tax-paying businesses quickly get the help they need to pay their expenses until they can get state and federal aid or return to business.”

The Coronado Chamber is assisting in this process by supplying and collecting the Lifeline Loan application forms from our offices at 1125 Tenth St. You can also download the form from the Chamber’s website at www.coronadochamber.com/lifeline-loan-application.html. Every day the Chamber logs and date stamps the applications and takes them in person to the City offices for assessment. We are delighted to announce that a substantial number of Tier 1 loans have been already been approved! (Tier 2 businesses may apply beginning May 25th 2020.)

Sue Gillingham, Executive Director of the Coronado Chamber of Commerce says, “Our team is reaching out to every eligible business to make sure they are aware of the loan and to keep them updated at every stage of the process. We are impressed with the speed with which the City is turning around these loans and delighted to play our part in championing the success of local businesses. If you are a local business with any questions, I am happy to take your call on 619-435-9260.”

Sue Gillingham has also recorded a brand new video, available on the Chamber website and Facebook page, with up-to-the-minute information on all the loans and opportunities available to local businesses.

Click to view here: https://www.coronadochamber.com/small-business-loans-video.html

Coronado Island Small Business Resource Guide 

The Chamber is also introducing a dedicated Coronado Small Business Resource Guide offering local businesses invaluable information on every possible financial assistance available at this most challenging time.

It begins with an Overview of Available Aid answering your most pressing questions, then looks at Federal Programs including the Paycheck Protection Program, Small Business Debt Relief Program and Economic Injury Disaster Loans. You will also find a list of State & Local Resources, details of Upcoming Virtual Events and Additional Funding Opportunities. 

You can read the guide online or print the pdf for easy reference here: https://www.coronadochamber.com/coronado-small-business-resource-guide.html

We hope this information empowers you to move forward with greater optimism and make use of every form of assistance available to you. 

The Coronado Chamber of Commerce is open Monday-Friday 8.30am-5pm for phone calls (619-435-9260) and you can drop off your Lifeline Loan application through the mail slot at any hour to suit you.

 

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