At its June 16 meeting, the City Council approved an increase in the loan amount offered through its Lifeline Business Loan Program to $20,000 per business. The Council had approved loans of up to $15,000 on April 21, when it rolled out the program to help local businesses forced to close or vastly reduce their operations due to the coronavirus pandemic. Current borrowers can now receive an additional amount of up to a total of $20,000 ($5,000 more if they originally received $15,000). New applicants can now receive up to $20,000 in loan funds. Eligibility criteria has not changed and businesses still need to generate sales tax.
The Coronado Chamber of Commerce is issuing and receiving new loan applications. New applicants can contact Sue Gillingham at [email protected] or (619) 435-9260. Current borrowers can contact the City Manager’s Office at (619) 522-7335.
