New County Loan Program Offered To Promote Business Investment
The county business assistance program currently has a pool of $8 million available for potential borrowers. An area of Thousand Palms is one of 11 locations in eastern Riverside County where businesses involved in general manufacturing or the innovation and technology and renewable energy sectors could qualify for up to a $2 million loan through the county’s redevelopment agency. “Now not everyone who applies is gonna apply for $2 million,” said Riverside County Supervisor John Benoit. “This is a loan you’re gonna have to pay it back, you’ll have to show you’re qualified and you can pay it back with a business plan that makes sense and we’re gonna have it all analyzed.”
According to Benoit, he and his fellow supervisors didn’t hesistate oking the loan program. That they know full well in the current economic climate businesses can’t grow and hire people with credit being so tight. “We’re just trying to fill one major gap that is where all the other pieces are there, but they can’t get the financing in todays financial markets to get those jobs created.”
As for the terms of the loan; it has be paid off within ten years and for every $35 thousand in assistance provided by the county the business has to create or retain at least one full time job position.
It should also be noted, the loan principal can be cut by as much as 50% after the first year of the loan. The borrower is being offered a credit of $20 thousand for every full time job retained, a $35 thousand credit for every new full time job created. “Jobs is the beginning the end and the middle and this project it’s all about creating job opportunites for our Riverside County residents through this program.” Said Benoit.
For more information on the county loan program. Contact Rob Moran with the Riverside Economic Development Agency. He can be reached at (951) 955-6673. E-mail: rmoran@rivcoeda.org.
