El Centro, CA. – Has your business suffered due to COVID-19? The City of El Centro is excited to announce that a Microenterprise Loan Program has been established to help local businesses cope with the difficulties caused by the pandemic. This program is made available by the Department of Housing and Urban Development with CARES Act funding provided through the Community Development Block Grant Program. The City anticipates being able to loan up to $10,000 to 20 micro-businesses in the City of El Centro. If loan requirements are met, repayment of loans can be forgiven. Basic program guidelines include:
- Business must be located within the city limits of El Centro and have a valid business license
- Must employ five or less full-time (or full-time equivalent) employees
- The business and/or business owner cannot have received CARES Act funding from another source
- Must have proof of economic hardship caused by COVID-19
- The business owner must be low/moderate income-qualified based on the 2020 HUD Income Limits
The program guidelines and full application are available at the city’s website at www.cityofelcentro.org under the “COVID-19 Resources” link. For further information or questions regarding the Microenterprise Loan Program, contact the city’s Economic Development Division at (760) 337-4543 or e-mail MicroLoanProgram@cityofelcentro.org.