City to Offer Small Businesses Loans

The city of Burbank, in partnership with the California Community Economic Development Association, has launched the Burbank Small Business Assistance Program, with the application period beginning on March 22.
Small businesses impacted by
COVID -19, can apply for Small Business Assistance loans between $10,000 and $20,000. Eligible businesses include self-employed contractors, entrepreneurs, gig workers and businesses with fewer than 200 employees.
The application period will begin on March 22 at 8 a.m. and end on April 5 at 5 p.m. Applications will only be accepted by the application due date. Funds will be used to provide forgivable loans on a first-come, first-served basis until funding is fully expended. All applications must be submitted online at burbank.cceda.com.
Eligibility requirements for microenterprise assistance up to $10,000:
• Must be a Burbank resident and business owner with fewer than two employees (such as a contractor, gig worker or entrepreneur)
• Business must be financially impacted by COVID-19
• Business has unpaid, extended or soon-to-be delinquent operating expenses, such as rent, utilities, inventory, taxes, etc.
• Current annual household income must be at or below the low-income level
Eligibility requirements for Small Business Assistance up to $20,000
• Must be a Burbank small business owner with at least two but fewer than 200 employees
• Business laid off, furloughed or reduced work hours/shifts for any of their employees
• Business has unpaid, extended or soon-to-be delinquent operating expenses, such as rent, utilities, inventory, taxes, etc.
• Must create or retain 51% of full-time equivalent positions for a low-moderate income employee, or be located in an eligible low-moderate income area
• Business with unpaid or delinquent Burbank Water and Power utility bills will have the unpaid amount deducted and paid out of the loan proceeds prior to disbursement
The city urges interested business to sign up for the city of Burbank’s e-Notify alerts about the opening of the application period and program news. To sign up for e-Notify, go to: bit.ly/2O4GrXh.
Preexisting e-Notify recipients can change their preferences on the same page by selecting “CDBG Small Business Assistance Program” for the alerts.
For additional loan requirements or to learn about other available resources, visit burbank.cceda.com or call CCEDA at (213) 625-0105,or contact the city of Burbank at (818) 238-5180, Monday through Friday, from 8 a.m. to 5 p.m.
Businesses that received previous assistance through the Burbank Small Business Assistance Program may apply for additional funding; however, the prior amount received will be deducted from any new loan application.