Business Assistance Program

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Economic Development Loan / Grant

Funds for the Economic Development Loan / Grant are exhausted for the 2016-2017 Fiscal Year. Funds will be replenished in July of 2017. For priority review or more information about the programs, contact the Assistant to the City Manager, Valerie Escalante, at (626) 914-8292 or via email at vescalante@ci.glendora.ca.us

What is it:

  • A forgivable loan program that compliments the Glendora Economic Action Plan
  • Provides financial assistance to new and existing businesses to start or expand their business
  • Funded through the Community Development Block Grant (CDBG)
  • Stimulates the economic vitality of the City through job creation and sales tax

Who Qualifies:

  • Micro-Enterprises
  • Small Businesses

Qualifications:

  • Meet with the CDBG National Objective: provide a benefit to Low-to Moderate-Income Persons (LMI) through the form of 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 Assistant to the City Manager 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 Assistant to the City Manager at (626) 914-8292 or via email at vescalante@ci.glendora.ca.us to discuss your project.