Marin SBDC hosting a series of webinars on the application process.
On February 22, the County of Marin is launching a new lottery, no interest loan program to provide relief to local small businesses hit hard by the COVID-19 pandemic. Qualified small business owners in Marin may apply to receive a portion of $915,000 in federal relief funding targeted businesses. The money will be in the form of grants of no more than $10,000 and interest-free loans of no more than $50,000.
KEY DETAILS:
The Mission Economic Development Agency (MEDA), a local Community Development Financial Institution, is administering the program. All applications with go through MEDA. MEDA uses federal Community Development Block Grant (CDBG) funds by way of the CARES Act to disburse $800,000 in zero-interest loans and $115,000 in grants over the next few months. On January 12, the County entered an agreement with MEDA to help distribute the funds.
In a recommendation by the Marin County Community Development Agency, 53% of the Marin County Small Business Fund is targeted for businesses in or near San Rafael, 27% to those in or near Novato, and 20% for the rest of the county. Funding distribution is tied to coronavirus infection rates throughout the county. Businesses will be selected by a lottery because of the expected high demand for assistance.
Loan forms must be submitted by 11:59 p.m. March 15.
To qualify, businesses must meet the following:
Application Process
1. Submit a loan inquiry form by March 15.
2. Through a lottery process, MEDA will select businesses to move forward.
3. Notices of selections will be sent out by March 26.
4. If your business is selected, you will then have to submit certain documents (like tax forms and other typical loan documents) in order to receive funding.
5. MEDA will work with you to make sure everything is submitted properly.
6. Funds will be dispersed by April 30.
Marin SBDC is hosting several MEDA Info Sessions:
INFO SESSION #1: Thursday, Feb. 18th, 2-3pm
INFO SESSION #2: Friday, Feb. 19th, 1-2pm
INFO SESSION #3: Monday, Feb. 22nd, 11am-12pm
Join Zoom Meeting
https://us02web.zoom.us/j/6334004364?pwd=d0dNeVpKRVJlSFM3SVBJekdwS3c3Zz09
Meeting ID: 633 400 4364
Passcode: 637727
One tap mobile
+16699006833,,6334004364#,,,,*637727# US (San Jose)
MEDA serves historically under-resourced families throughout the Bay Area, especially those among the Latinx population, by promoting economic equity and social justice. This program is MEDA’s first foray into Marin. The use of CDBG funds prohibits discrimination on the basis of race, color, national origin, disability, age, religion, sex, and familial status. Marin’s Countywide Priority Setting Committee that oversees CDBG funding recommendations prioritizes funding for projects that serve these protected classes.
The Marin County Board of Supervisors has encouraged CDA to pursue federal funding to help keep local businesses alive during this economically challenging time. “Economy” is one of the Board of Supervisors' priority “Four E's” along with equity, environment, and education.
Need Help?
Marin SBDC is ready to support you if you have questions or need guidance with the application or paperwork. You are welcome to reach out to the SBDC Advisor who assisted you with your PPP, EIDL or CA Grant or please reach out to us at 415.482.1819.
MORE INFO.
1st Step in Application: Submit a Loan Inquiry Form
English
Español
KEY DETAILS:
- Initial application opens Feb. 22 and closes March 15 at 11:59pm.
- It is NOT first come, first serve.
- It's for small businesses only (nonprofits cannot apply).
- $800K available in loans and $115K in grants (you can only receive a grant if you are first selected in the lottery process AND also do not meet the loan underwriting requirements).
- Loans are 0% interest and can be up to $50K.
- 53% of funding will go to businesses in San Rafael, 27% to those in Novato, and 20% for the rest of the county.
- Since this is coming from CDBG (Community Development Block Grant) funding, the loans will target underserved groups and low income individuals
The Mission Economic Development Agency (MEDA), a local Community Development Financial Institution, is administering the program. All applications with go through MEDA. MEDA uses federal Community Development Block Grant (CDBG) funds by way of the CARES Act to disburse $800,000 in zero-interest loans and $115,000 in grants over the next few months. On January 12, the County entered an agreement with MEDA to help distribute the funds.
In a recommendation by the Marin County Community Development Agency, 53% of the Marin County Small Business Fund is targeted for businesses in or near San Rafael, 27% to those in or near Novato, and 20% for the rest of the county. Funding distribution is tied to coronavirus infection rates throughout the county. Businesses will be selected by a lottery because of the expected high demand for assistance.
Loan forms must be submitted by 11:59 p.m. March 15.
To qualify, businesses must meet the following:
- Provide an Individual Taxpayer Identification Number (ITIN) or Social Security Number (SSN)
- Be a business located in Marin and with a business address in Marin
- Have a valid Marin business license
- Be a for-profit business in good standing
- Have annual business revenues of less than $2.5 million
- Have no town, city, or county tax liens or judgments
- Demonstrate a 25% drop in revenues since January 1, 2020
- Have no more than 50 employees
- Have not previously received a Paycheck Protection Program (PPP) loan of more than $150,000
- If business has five or fewer employees (including business owner), either owner(s) must qualify as low-income or at least 51% of employees must be low-income. Low-income is defined as annual wages or salary of no more than $97,600.
- If business has six to 50 employees (including business owner), at least 51% of employees must be low-income. Low-income is defined as annual wages or salary of no more than $97,600.
Application Process
1. Submit a loan inquiry form by March 15.
2. Through a lottery process, MEDA will select businesses to move forward.
3. Notices of selections will be sent out by March 26.
4. If your business is selected, you will then have to submit certain documents (like tax forms and other typical loan documents) in order to receive funding.
5. MEDA will work with you to make sure everything is submitted properly.
6. Funds will be dispersed by April 30.
Marin SBDC is hosting several MEDA Info Sessions:
INFO SESSION #1: Thursday, Feb. 18th, 2-3pm
INFO SESSION #2: Friday, Feb. 19th, 1-2pm
INFO SESSION #3: Monday, Feb. 22nd, 11am-12pm
Join Zoom Meeting
https://us02web.zoom.us/j/6334004364?pwd=d0dNeVpKRVJlSFM3SVBJekdwS3c3Zz09
Meeting ID: 633 400 4364
Passcode: 637727
One tap mobile
+16699006833,,6334004364#,,,,*637727# US (San Jose)
MEDA serves historically under-resourced families throughout the Bay Area, especially those among the Latinx population, by promoting economic equity and social justice. This program is MEDA’s first foray into Marin. The use of CDBG funds prohibits discrimination on the basis of race, color, national origin, disability, age, religion, sex, and familial status. Marin’s Countywide Priority Setting Committee that oversees CDBG funding recommendations prioritizes funding for projects that serve these protected classes.
The Marin County Board of Supervisors has encouraged CDA to pursue federal funding to help keep local businesses alive during this economically challenging time. “Economy” is one of the Board of Supervisors' priority “Four E's” along with equity, environment, and education.
Need Help?
Marin SBDC is ready to support you if you have questions or need guidance with the application or paperwork. You are welcome to reach out to the SBDC Advisor who assisted you with your PPP, EIDL or CA Grant or please reach out to us at 415.482.1819.
MORE INFO.
1st Step in Application: Submit a Loan Inquiry Form
English
Español