San Rafael, CA – The application period has been extended through March 22 for qualified small business owners in Marin County to apply for federal relief funding targeted to businesses hit hard by the COVID-19 pandemic.
The Marin County Small Business Fund has $915,000 to distribute in the form of grants of no more than $10,000 and interest-free loans of no more than $50,000. The application period opened February 22.
In a recommendation by the Marin County Community Development Agency, 53% of the funds will be targeted for businesses in or near San Rafael, 27% to those in or near Novato, and 20% for the rest of the county. Funding distribution is tied to coronavirus infection rates throughout the county. Businesses will be selected by a lottery because of the expected high demand for assistance.
The County’s partner on the funding distribution is the Mission Economic Development Agency (MEDA), established in San Francisco in 1973. MEDA will use federal Community Development Block Grant (CDBG) funds by way of the CARES Act to disburse $800,000 in zero-interest loans and $115,000 in grants over the next few months. Business owners may email questions to the Marin County Small Business Fund.
Businesses qualify by meeting the following:
- Providing an Individual Taxpayer Identification Number (ITIN) or Social Security Number (SSN)
- Be a business located in Marin and with a business address in Marin
- Have a valid Marin business license
- Be a for-profit business in good standing
- Have annual business revenues of less than $2.5 million
- Have no town, city, or county tax liens or judgments
- Demonstrate a 25% drop in revenues since January 1, 2020
- Have no more than 50 employees
- Have not previously received a Paycheck Protection Program (PPP)loan of more than $150,000