The impacts of the COVID-19 pandemic continue to be felt by businesses across the country, and the City of Bakersfield is no exception. In order to support our local business community, the City is launching a new loan-to-grant program
The City’s new ReSTART Loan-to-Grant Program – funded by Community Development Block Grant Coronavirus (CDBG-CV) funds – will provide $1.9 million in loans ranging from $5,000 to $50,000 for qualified small businesses, defined as having 25 or fewer full-time employees.
Online applications for the ReSTART Loan-to-Grant Program open at 8 a.m. on Monday, March 15. Businesses interested in applying for this program should visit accesspluscapital.com and click on “COVID-19 Relief Funds.”
The program will accept applications until November 30, 2021, or until all funds are awarded.
A supplemental “checklist” document is attached, outlining materials applicants will need in order to apply for the program.
Through this program, approved businesses must make interest-only payments over the first year of the loan. The loan will convert to a forgivable grant if the business meets the interest-only repayment period, the owner can show that the business is still operating after 12 months, show employee validation, and has an active Business Tax Certificate (business license) in good standing.
Funding from this program can be used by businesses to help cover operating costs – including paying payroll costs such as employee vacation, family or sick leave – as well as insurance, rent, supplies or materials, utilities, and more.
Businesses must be physically located and operate in the City of Bakersfield in order to be eligible, as well as have a valid Business Tax Certificate from the City and have been in operation for at least one year. Businesses with annual revenues of more than $2 million are not eligible for this program.
Not-for-profit businesses are not eligible for this program.
For additional information about the ReSTART Loan-to-Grant Program, please contact Access Plus Capital at 661-448-2133 or the Women’s Business Center at 661- 567-0410.