FRESNO, Calif. (KSEE / KGPE) – The city of Fresno announced Wednesday that it will begin accepting applications for loans that provide additional financing for small businesses and entrepreneurs affected by the coronavirus pandemic.
Totaling $ 830,000 in CARES Act money assigned to the city by the US Department of Commerce, the Revolving Loan Fund will provide individual loans between $ 10,000 and $ 100,000 and are designed to be easier to qualify than traditional loans.
“We must continue to support our local business owners as they overcome the financial challenges of this crisis and provide them with the help they need to stay open and active,” said Mayor Lee Brand.
Fresno businesses that have been negatively affected by the COVID-19 pandemic are eligible to apply through the Cen Cal Business Finance Group, which administers the loan fund.
Frank Gallegos, executive director of Cen Cal Business Finance Group, said he has been helping Fresno businesses for more than 35 years and is looking forward to withdrawing that money quickly.