In October 2024, the Eastvale City Council approved revisions to the City’s Business Incentive Loan Program Policy and expanded the criteria to allow both new and existing high-end, upscale, or premium casual dining restaurants to apply. This program promotes Eastvale as an excellent location for quality businesses, boosts business expansion opportunities and enhances local economic growth.
Existing high-end, upscale, or premium casual dining restaurants in Eastvale desiring to expand their gross floor area by 50% or more, with at least half of the expansion area dedicated to increasing the capacity for dine-in customers, are eligible to apply for funding. Additionally, the existing businesses must meet at least one of the following requirements:
- Adding a full-service bar or specialty cocktail program;
- Adding a dedicated patio or outdoor covered seating area for the exclusive use of the restaurant’s patrons;
- Adding a space for the performance of live music;
- Upgrading from counter service to full sit-down service.
New high-end, upscale, or premium casual dining restaurants that are opening in Eastvale are also eligible to apply for funding as well.
Businesses receiving funds through Eastvale’s Business Incentive Loan Program can utilize funds on purchases of business equipment, furniture and fixtures and working capital expenses. These businesses must also remain operational in Eastvale for at least seven years before the loans are forgiven. The Eastvale City Council retains the ability to approve or deny received loan applications.
Overall, Eastvale’s Business Incentive Loan Program encourages local business growth and retention efforts, attracts new businesses and jobs, increases the local tax base, builds community and business partnerships, supports economic resilience and fosters entrepreneurship and innovation. The program allows the City to guide economic growth while creating a more vibrant environment for small and medium-sized businesses.
Information regarding Eastvale’s Business Incentive Loan Program can be found at https://www.eastvaleca.gov/business/business-incentive-loan-program. Interested businesses are encouraged to first speak with the City’s Economic Development Manager, Alexander Fung, at afung@eastvaleca.gov prior to submitting loan applications.