Kern County Board of Supervisors to discuss increasing Small Business Forgivable Loan Program to $30 million

Posted at 6:12 PM, Jul 27, 2020
and last updated 2020-07-27 21:12:39-04

BAKERSFIELD, Calif. — The Kern County Board of Supervisors will consider increasing the Small Business Forgivable Loan Program from $25 million up to $30 million during its 9 a.m. meeting Tuesday.

The program currently provides up to $75,000 in funding for local small businesses.

Among the businesses eligible for the program are restaurants, barbers, salons, sole proprietors and various small retailers that have less than 50 employees and $5 million in annual revenues.

The money for the program was originally provided through the CARES ACT fund given to the county.

Four local financial institutions, Valley Republic Bank, Mission Bank, Valley Strong Credit Union and AltaOne Federal Credit Union, have partnered with the county to process applications and administer these funds to eligible applicants.

Interested businesses don't need to be customers of the banks in order to apply for the loans, nor will they be required to become customers.

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