FRESNO, Calif. (KSEE/KGPE) — The town of Fresno on Wednesday mentioned it can start accepting functions for loans that present hole financing to small companies and entrepreneurs adversely affected by the coronavirus pandemic.
Totaling $830,000 in CARES Act cash awarded to the town from the U.S. Division of Commerce, the Revolving Mortgage Fund will give particular person loans between $10,000 and $100,000 and are designed to be simpler to qualify for than conventional loans.
“We should proceed to assist our native enterprise house owners as they meet the monetary challenges of this disaster and supply the help they should keep open and stay lively,” mentioned Mayor Lee Model.
Fresno companies which were negatively impacted by the COVID-19 pandemic are eligible to use by means of the Cen Cal Enterprise Finance Group, which is administering the mortgage fund.
Frank Gallegos, who’s government director at Cen Cal Enterprise Finance Group, mentioned it has assisted Fresno companies for over 35 years and appears ahead to getting this cash out rapidly.