SAN DIEGO (CNS) – More than 5,300 applications were submitted for San Diego’s recently opened Small Business Relief Fund for businesses impacted by the coronavirus pandemic, Mayor Kevin Faulconer said Monday.
The $6.1 million fund provides grants and micro-loans ranging from $10,000 to $20,000 to help local small businesses retain employees and stay afloat amid various federal, state and local public health orders aimed at reducing the spread of COVID-19.
The applications have been available on the city’s website since 5 p.m. Friday.
Significantly more funding will be needed to meet the high demand, Faulconer said.
“Assuming everyone who submitted an application qualifies, the demand will far exceed the funding that we made available,” Faulconer said.
“I think it really speaks to the need and just how deeply our local businesses, our small businesses, need our help and need our support.”
Faulconer vowed to identify additional funding sources to expand the fund, saying, “I stand committed to finding more ways to proactively grow this fund to support our small businesses that are being affected by COVID-19.”
The program is open to businesses that can show they have sustained economic hardship due to the coronavirus outbreak, have a city business license and been in operation for at least six months, Faulconer said last week in announcing the program.
Business with more than 100 employees, nonprofit organizations and home-based businesses are among those ineligible for the fund.