City of Bakersfield ReSTART Loan to Grant Program - This Program is now closed

$2,500 - $50,000 Loan to Grant

Credit History

Required to verify business owner has not filed for bankruptcy in the last 3 years or has outstanding tax liens.

Eligible Uses

Working Capital (Payroll costs, including costs for employee vacation, parental, family, medical, and sick leave, employee-related insurance, rent, inventory, supplies/materials, utilities, professional services, and more)

Geography

City of Bakersfield

This program is now closed.

Loan to Grant Guidelines

Applicant must be a for-profit Business physically located and operating in the City of Bakersfield.
Funds are limited to (1) loan per business entity.
Applicant (Business) must have a current and valid City of Bakersfield Business License, and demonstrate that business has been operating for a minimum of one year.
Annual revenues should not exceed $2,000,000.
Applicant (Business) must have 25 or fewer employees.
Applicant (Business) must have been negatively impacted by the COVID-19 pandemic and must be able to document a financial impact.
Lending/Mortgage, Gambling, Not-for profit, Adult Entertainment, Pyramid and Religious Establishments will not be eligible to apply.
Applicants must be an operating business, not a passive real estate entity.
Applicants (Business) must have no outstanding state or federal tax liens.
In general, an applicant must have spent all funds received from government sources, private insurance, assistance, and any other sources for the intended purpose(s), and must still have an unmet need before he or she qualifies for CDBG-CV funds. Additionally, CDBG-CV applicants must verify that no other state/federal funding is available to meet these needs in order to avoid duplication.
Applicant will make small good faith repayment over the first year of the loan that will include interest. If the applicant meets repayment, other Bakersfield Business License requirements, and other programmatic guidelines, the loan will then convert to a grant.

This program is now closed

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