SOLANO COUNTY, CA (MPG) - The Solano County Economic Development Corporation (Solano EDC), with funding from the Solano County, announces the launch of the Solano Biz Grow small business loan program. The loan program is designed to assist small businesses and non-profits impacted by the COVID-19 pandemic. The $4 million loan program offers below market, fixed rate, loans with a 5-year term.

"The Solano Biz Grow loan program will provide small businesses and non-profits with an important tool to help address the financial impacts of the pandemic. I want to thank the Board of Supervisors for allocating the American Rescue Plan (ARPA) funding. They truly understand the importance of small businesses and non-profits in our local economy." said Chris Rico, Solano EDC President and CEO.

Solano Biz Grow offers to small businesses an ability to borrow with a lower credit score than traditional lending. This funding will help improve small business survivability, stability, and expansion, which in turn facilitates job creation in the local community. Loan principal repayments will revolve back into the fund, creating a lasting and ongoing resource for the community.

Solano EDC is partnering with the Solano Small Business Development Center (SBDC) to provide business assistance and on-going capacity building support. Small businesses and non-profits must meet certain eligibility criteria. Eligibility includes a demonstrated impact from the pandemic, along with certain areas of Solano County and certain types of businesses that are automatically eligible. Small businesses or non-profits must be operating on or before December 31, 2021. 

Loans will range in size from $25,000 to $125,000. 

The Solano EDC is working with the following local financial institutions on Solano Biz Grow. 

• First Northern Bank,
• Travis Credit Union, and 
• Valley Strong Credit Union 

For more information about the program, including eligibility and how to apply, please contact Wendi Reed, Solano EDC Loan Program Manager, at 707-864-1855, ext. 21 or [email protected]; or visit https://solanoedc.org/solano-biz-grow-1/revolving-loan-fund/.