FRESNO, Calif. (KSEE/KGPE) — The city of Fresno on Wednesday said it will begin accepting applications for loans that provide gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic.
Totaling $830,000 in CARES Act money awarded to the city from the U.S. Department of Commerce, the Revolving Loan Fund will give individual loans between $10,000 and $100,000 and are designed to be easier to qualify for than traditional loans.
“We must continue to support our local business owners as they meet the financial challenges of this crisis and provide the assistance they need to stay open and remain active,” said Mayor Lee Brand.
Fresno businesses that have been negatively impacted by the COVID-19 pandemic are eligible to apply through the Cen Cal Business Finance Group, which is administering the loan fund.
Frank Gallegos, who is executive director at Cen Cal Business Finance Group, said it has assisted Fresno businesses for over 35 years and looks forward to getting this money out quickly.