18 - Laserfiche WebLink

For comparison, here are the current and two proposed two options side-by-side: Current Option 1 Option 2 Loan Program MAX $ MAX $ MAX $ 2-10 Employees $2,500 $5,000 $5,000 2-10 Employees DOWNTOWN $2,900 $5,800 $5,800 Less than 20 Employees Retail + Restaurant $2,500 $5,000 Less than 20 Employees Retail + Restaurant DOWNTOWN $2,900 $5,800 11-25 Employees $10,000 11-25 Employees DOWNTOWN $10,800 These increased loan amounts are comparable to similar loan programs offered by Bay Area cities, and thus are more in line with businesses' needs and expectations. Funding for this program is allocated from the City's CIP Reserves fund which will be reimbursed over time as the City receives repayment. Loan repayment will begin the first of the month after the local emergency declaration is lifted. Current and future participants sign promissory notes with the City and agree to automatic deduction (ACH) of installment payments. The loan program is currently administered by the Economic Development and Finance Departments. Funds will be disbursed to eligible recipients until the $3 million is exhausted. RECOMMENDATION The intent of the Business Support Fund is to extend most, if not all, of the $3 million into Pleasanton's business community to help local small companies bridge funding shortfalls until re-opening is allowed. To best meet this objective, staff recommends Option 2 for its larger loan amounts for businesses with 2-10 employees of $5,000 and $5,800 in the downtown, for business with 11-25 employees of$10,000 and $10,800 in the downtown, and additionally expanding the 11-25 employees criteria to any eligible business type and adding professional services as an eligible business. bmitted by: Fis al eview: Approve, fy: li !ler .14 IIA , amela Ott Tina Olson Nelson Fialho eputy City Manager Director of Finance City Manager Attachment: 1. Business Assistance Program Update Page 6 of 6