We reported in the Thursday edition that Sutter County, in partnership with Yuba-Sutter Economic Development Corporation set aside $250,000 to establish a loan program for small businesses impacted by the pandemic.
We were, in this commentary, going to urge local small businesses to jump on the opportunity. No need. Several Sutter businesses were way ahead of us and the quarter-million dollars is all spoken for.
Will there be more coming down the pike? We don’t know. But it’s likely that Yuba County will do the same thing -- supervisors have it on their Tuesday agenda.
The deal was that independently-owned businesses in the county, which met certain criteria, would be able to apply for zero-interest secured loans of up to $20,000 each. The money could be used to cover day-to-day operating expenses, including payroll, rent/ mortgage payments, utilities, inventory and supplies.
The EDC chief, Brynda Stranix, noted that local small businesses -- the ones still open -- may be suffering revenue losses of as much as 75 percent or more. Some businesses are having trouble keeping on because of employee absences. Additionally, all manner of events have been canceled that might have pulled in revenue for small businesses.
The loans were being made on a first-come-first-served basis. Repayment has to start within 90 days of the lifting of the state’s stay-at-home order or the receipt of Small Business Administration assistance.
We admire the measure. It’s a definitive action that could mean real results for our local economy -- just what we need more of. We didn’t think it would take long, at $20,000 per shot, for that $250,000 to be used up, but we sure didn’t expect it to be gone in one day.
Yuba County businesses that might be interested had better have their ducks in a row and be ready to apply at any minute.
Our View editorials represent the opinion of the Appeal–Democrat and its editorial board and are edited by the publisher and/or editor. Members of the editorial board include: Publisher Glenn Stifflemire and Editor Steve Miller.