City of Fountain Valley

COVID-19 Related Small Business Emergency Relief Loan Program

The City of Fountain Valley has created a program in order to assist small businesses that have been financially impacted by COVID-19 in Fountain Valley that meet eligibility requirements. It will provide eligible businesses a working capital loan of up to $20,000.

Applications will be accepted from Wednesday, January 20, 2021 until funds are exhausted. Business awardees will be selected on a first-come, first-served basis of all eligible applicants until funds are exhausted.

The Small Business Development Center (SBDC) presented information on the loan program and answered your questions in English and Vietnamese. Missed the webinar? Watch the recording here.

Businesses Must:

• Have been affected by COVID-19
• Be an existing for-profit business physically located within the City of Fountain Valley
• Have an active Fountain Valley business license for a minimum of 6 months prior to March 1,2020
• Have 25 or fewer employees, including the owner
• Have a minimum gross revenue of $75,000 in 2019
• Be in good standing with a FICO score of 650
• Submit the application and all required supporting documentation
• Have not received funding from the City’s COVID-19 Emergency Small Business Employee Retention Grant, Small Business Emergency Relief Grant Program, District 1 Grant Program

Eligible activities for the use of funds should be used to cover fixed expenses for the business.

The primary fixed expenses will include rent or mortgage expense, payroll, utilities, inventory or other operational expenses for the business.  Up to 25% of the funds can be used for general working capital as the business moves back to becoming fully operational again.  Applicants will fill out a use of funds form that will breakdown how the funds will be spent within their business.  Each applicant will need to sign and verify that the use of funds will be spent on business expenses, such as those expressed above.  Any use of funding other than that to support the business is strictly prohibited.

Records supporting the uses to which the funds were applied must be retained for five years in the event of audit by federal or state agencies.

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