Small Businesses to Get Financial, Technical Aid
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West Covina has embarked on a new program to boost its local economy through loans, real estate incentives and technical assistance for small businesses.
Like many older California suburban cities, West Covina has several aging strip shopping centers with numerous vacant storefronts, and small businesses have suffered through the recession in recent years, according to Chet Yoshizaki, the city’s redevelopment director.
Taking a grass-roots approach to the problem, the city has set aside $850,000 for its Economic Development, Growth and Expansion strategy.
Through the program, small business can apply for low-interest micro-loans of up to $25,000. The loans are intended for those who might otherwise be unable to get a bank loan or other traditional financing.
The strategy will also provide matching grants of up to $10,000 for property owners who invest in improvements to their facilities. A lease incentive program will also provide up to $10,000 to subsidize brokers’ commissions for property owners or rent for business owners.
Beyond loans and grants, the city will also arrange business counseling and other services. Entrepreneurs will be able to get guidance on such topics as writing business plans, applying for Small Business Administration loans, applying for permits, insurance and marketing tips.
The loan program began this month, and other programs will begin in the summer and fall.
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