Loans are designed to immediately assist local small businesses
The Cobb Area Council announces the first loans have been made to four local businesses through its low-interest loan program. The loans are designed to immediately assist local small businesses utilizing a portion of the funds from the $200,000 AHEAD economic development grant awarded to the Cobb Area Council by the Federal Home Loan Bank late last year. Initially, the loan fund was restricted to Cobb area businesses but due to COVID-19, the fund has recently been expanded to support businesses throughout Lake County.
The initial loans have been made to lifestyle and retail businesses and others are in process.
Loans range from $2,500 to $7,500 with consideration for larger loans based on the situation. The interest rate will be fixed at 2 percent. Repayment is due within three years.
The funds may be used to purchase equipment to alleviate impacts of COVID-19, fires and public safety power shutoff events (generators), inventory, working capital, debt consolidation and/or construction.
Interested businesses wishing to apply should contact Jeff Lucas of Community Development Services, who will be administering the program, at 3895 Main Street, Kelseyville, CA 95451, telephone 707-279-1540.