Anaheim Launches Microloan Program For Small Businesses Impacted By Coronavirus
ANAHEIM (CBSLA) -- The city of Anaheim is hoping to help its small business owners impacted by statewide stay-at-home orders, like Shahraic Khan and Kris Irons.
Both men say they're concerned about the financial strains of coronavirus closures.
Khan, who operates Scoop And Juice, has had to cut hours for his only two employees and says expenses are piling up.
Irons, the owner of Requiem Coffee, Tea And Fantasy, says his business is modeled around people physically being on location -- something off-limits for the time being.
The lockdown orders have cost him about $100,000 in revenue, Irons said, and he would have to restructure greatly to keep his business up-and-running.
Stories like theirs have prompted the city to step in with the creation of a microloan program designed to give short-term assistance to Anaheim businesses that have five or fewer employees.
Loans are available for up to $10,000 with a two-year term, up to 12 months of deferred payments, 2% interest and no early repayment penalty.
Anaheim expects approximately 100 small businesses in the city to receive the microloans.
They will be awarded through a randomized lottery system of all eligible applicants.
Interested businesses should email economicdevelopment@anaheim.net with their business name, address and contact information to receive further instructions.
Applications go live this Thursday at 9 a.m. and close on Friday at 5 p.m.
For more information about eligibility, loan terms and the application process, visit Anaheim's Business Loans and Grants webpage.