FAIRFIELD, CA (MPG) - The Solano County Economic Development Corporation (Solano EDC) is encouraging small businesses to apply for the limited funds still available through the Solano Biz-Grow program. The Solano Biz-Grow loan program offers loans at 6% interest, fixed, for five years, to eligible small businesses and non-profits. The Solano County Economic Development Corporation, with American Rescue Plan Act funding made available by the Solano County Board of Supervisors, launched the program in February 2024. Designed to assist small businesses and non-profits affected by the COVID-19 pandemic, this $4 million loan program, has provided loans in all seven cities and in unincorporated Solano County.

Limited funds are still available, so businesses are encouraged to apply now. The loan process includes a free assessment by the Solano-Napa Small Business Development Center and is in partnership with three local lenders. The lenders are First Northern Bank, Travis Credit Union and Valley Strong Credit Union.

“The Solano Biz Grow loan program has been crucial in supporting small businesses and non-profits, helping them mitigate the financial impact of the pandemic. We are grateful to the Board of Supervisors for allocating American Rescue Plan (ARPA) funds. We encourage small businesses and non-profits still needing assistance to contact us” said Chris Rico, Solano County Economic Development Corporation President and CEO.

Solano Biz Grow enables small businesses and non-profits to access capital with more favorable terms than traditional lending, including lower credit score requirements. This program aims to enhance the survivability, stability, and expansion of small businesses and non-profits.

“Small businesses are the backbone of our economy, fostering job creation and economic growth within the community. Non-profits play a crucial role in providing needed services and programs. Together, they help Solano County prosper,” added Chris Rico.

In partnership with the Solano Small Business Development Center (SBDC), Solano Biz-Grow loan program offers business assistance and capacity-building support. Eligible applicants must demonstrate a pandemic-related impact and meet specific criteria related to their business type and location within Solano County. Eligible businesses or non-profits must have been operating on or before December 31, 2021.

Loan amounts range from $25,000 to $125,000.

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/.