We’re excited to announce the City of Bakersfield unveiled its new ReStart Loan-to-Grant Program. Designed to help local small businesses hurt by the COVID-19 pandemic, the nearly $2 million program offers forgivable loans of up to $50,000 based on their payroll size.
The program will accept applications until November 30 or until all funds are awarded. Qualified recipients must be located within city limits, have 25 or fewer full-time employees, and report annual revenues of no more than $2 million, among other requirements.
According to guidelines, the loans will be forgiven if recipients are still operating 12 months after they receive the money. Not-for-profit businesses are not eligible, and neither are churches, lending establishments, or businesses related to gambling or adult entertainment.
Application information for the ReStart Loan-to-Grant program is also available by calling Access Plus Capital at (661) 448-2133 or Bakersfield’s Women’s Business Center: (661) 567-0410.