Fresno businesses will get coronavirus loans. City officials hope to provide more relief
Over 100 business owners were notified Friday that they’re recipients of loans or grants from the city of Fresno’s “Save our Small Business” program in response to the coronavirus pandemic.
The businesses include barbers and salons, coffee shops, restaurants, plumbers, food trucks, daycare centers and more.
City officials hope to add another $1.5 million in funding to do another round of loans and grants.
Councilmembers Esmeralda Soria and Miguel Arias announced the recipients in their districts Friday in a news conference at India’s Oven in the Tower District.
One of the recipients was Teri Sanchez, owner of Eat It Up Catering Service. Her last job was March 13, and her clients have canceled their weddings or rescheduled. She tried to apply for the federal Paycheck Protection Program but wasn’t able to since her business is so small. She just bought a building to house her business and spent all her savings bringing it up to code.
“This came at literally the perfect time,” she said about the city’s program.
More than 2,600 businesses applied for the pot of $750,000. Just over 1,000 applicants qualified for the money, and 116 were selected out of a lottery. Over half the money will go to micro businesses which employ fewer than five people. City officials estimate the loan program will help 485 jobs. The loans will become grants if the business stays open.
“We understood that the small mom-and-pop businesses are so critically important to our local economy, the backbone of our economy, and we needed to do something because we were hearing people needed immediate relief,” Soria said.
Fresno was one of five California cities to receive about $90 million in stimulus money from the federal government. The councilmembers said they hope that money will go back to the community.
“In my perspective, that’s not our money, and it’s not the government’s money,” Arias said. “That’s taxpayers’ money, and it’s our job to get it back to the taxpayers, especially when it’s dedicated specifically for COVID relief.”