Business / Economy

New small business resources in the new year 

Economic Development Corporation of San Benito County offers a roundup of information for business owners.

Information provided by the Economic Development Corporation of San Benito County .

The signing of the new federal $900 billion COVID-19 relief legislation into law includes major new funding for continuation of the Payroll Protection Program (PPP) and the Small Business Administration Economic Injury Disaster Loans (EIDL). According to a recent release, California has set aside $500 million for its small business COVID-19 relief grant program, and locally the Grow San Benito Small Business Revolving Loan Fund is also available.

In the release, the Economic Development Corporation of San Benito County states that if business owners don’t have a local bank to work with, there are numerous online lenders, some of whom specialize in PPP and small business loans. These include Kabbage and Lendio. Others are Ondeck, smartbiz, and Bluevine.

Access Plus Capital, which administers the Grow San Benito Loan Fund program, is a community-based financial institution, which means they can assist business owners with the newly refunded PPP and EIDL, as well as state programs and the Grow San Benito loan.

For more information about the federal programs, see this article overview:

Hartford Article

For the latest rules for PPP and EIDL see the Jan. 6 Final Interim Rules posted by the SBA and Treasury Department:

Latest PPP and EIDL Rules:  SBA and Treasury

Note that with the new PPP, food service providers such as restaurants, hotels, and vendors, are eligible to receive 40% more than other businesses for payroll costs. There is also new targeted funding for theaters, music venues, museums, and similar “shuttered venues.” The EIDL is a loan—but it includes a grant as well.

Shuttered Venues Operations Grant

For the State’s Small Business Relief Grant Program information and application see:

California Covid 19 Relief Grant

Note that this grant program is reviewing the first round of applications, the second-round application deadline is to be determined.

For the San Benito Grow loan program, go the Access Plus website to apply:

Grow San Benito Loan Fund

For questions, or if a business owner need help figuring out whom to talk to about these grants and loans, contact the Economic Development Corporation of San Benito County directly at (831) 234-2044

BenitoLink Staff