Anaheim Offers $10,000 Loans To Keep Small Businesses Afloat
By: Alicia Robinson
Date: May 18, 2020
“Anaheim is inviting the city’s small businesses to apply for loans of up to $10,000 to help them retain or rehire workers and pay their bills, offsetting the economic damage of the coronavirus pandemic.
Businesses with five or fewer employees can apply Thursday and Friday, May 21 and 22, for the microloan program, and the city will randomly choose recipients from among the applicants. Officials expect about 100 businesses will receive loans, according to a city news release.
The loans are at 2% interest and last for two years, but payments can be deferred penalty-free. Businesses that retain or rehire workers or create new jobs may be eligible to have their loans forgiven.
Anaheim Mayor Harry Sidhu, who owns a family business, said in the release that he understands the struggles small businesses are currently facing, and he hopes “that this program will be a lifeline for some.”…”