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Business Assistance Program

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Economic Development Loan / Grant

Funds for the Economic Development Loan / Grant are now exhausted for the 2014-2015 Fiscal Year.  If you are interested in this program, you are encouraged to submit an application for the 2015-2016 Fiscal Year, which begins July 2015. 

The Economic Development Loan Grant is a forgivable loan program designed to complement the Glendora Economic Action Plan by providing assistance for Business Retention and Attraction.

Funds are available through the Community Development Block Grant (CDBG) to eligible new and existing businesses in order to start-up or expand their business in the City of Glendora.  The purpose is to help for-profit businesses meet a financing gap and to assist the businesses to become independent, self-sustaining and successful.  In turn the businesses will stimulate the economic vitality of the City through job creation and an increase in sales tax.

Both the Micro-Enterprise Program and the Small Business Loan are designed as forgivable loans.  The business will need to meet the CDBG National Objective of providing a benefit to Low- to Moderate- Income Persons (LMI), primarily through job creation.  Once compliance has been met for a twelve month period, the funds awarded will be forgiven. In the event of default, repayment will be required.

Limited funds are available.  Project funding is on a first-come, first-served basis while program funding is available.  For more information, please call the Economic Development Specialist at (626) 914-8292 or review the following:

Loan-Grant Policy                                  Loan-Grant Information and Evaluation Standards

Micro-Enterprise Program

Small Business Loan

Business Size:

5 or less employees (including owner)

Business Size:

More than 5 employees

Program limits:

$5,000 to $25,000

Program limits:

Program limits: $25,000 to $75,000

Requirements:

Job Creation unless the owner certifies their status as LMI.

Requirements:

One Job Created per $25,000 of funds received.

Both Micro-Enterprise Program and Small Business Loan

Use of Funds:

Equipment/Machinery Purchase and Installation; Inventory; Working Capital; Start-Up Costs; Tenant Improvements; Exterior Improvements.

CDBG Requirements:

Funds are provided to for-profit businesses to benefit a low- to moderate- income person, and/or to create one full time equivalent job for each loan awarded.

Compliance: Business will provide quarterly reports to the City to ensure compliance.
Business Contribution: The program will cover up to 75% of eligible project costs, with the business required to show proof of funds for the remaining 25%. Example: If eligible costs are $40,000, the business will contribute $10,000, while the program will provide $30,000.
Collateral:  Collateral will be required.  Forms of collateral considered can include: Lien on real property; Vehicle Title; Security Interest on equipment or inventory; Personal /business guarantee.

 
If you are interested in the Economic Development Loan/Grant Program, please contact the Economic Development Specialist at (626) 914-8292 or via email at vescalante@ci.glendora.ca.us to discuss your project.