As of May 5, the City has processed 68 applications for the Coronado Lifeline Business Loan Program and paid loans to eligible Tier 1 businesses totaling $985,000.
The City Council approved the Lifeline Business Loan Program on April 21, and implementation progressed rapidly. Council members wanted to help local businesses as soon as possible who have been forced to close or vastly reduced their operations due to the coronavirus pandemic. Within a week, City staff developed application forms and loan agreements, and began issuing checks May 1.
On Tuesday, May 5, the Council approved opening up the loan program to Tier 2 businesses on May 18, a week earlier than planned.
The Coronado Chamber of Commerce is serving as the portal to issue and receive loan applications. Contact Sue Gillingham at firstname.lastname@example.org or (619) 435-9260.
The City reserved $2 million in General Funds for the loans and entered into an agreement with CalPrivate Bank to facilitate the process by which loans can be made quickly to qualified businesses.
So far, the majority of businesses are retail in nature, followed by restaurants and a small number of hotels/motels, among other categories.
The City set up a process that would be efficient and quick and ensure that all applications met all the program’s requirements. Local businesses have been good partners during this public health emergency.