County Approves Grants for Small Businesses
The County of Marin has entered an agreement with a community-based organization to help it distribute nearly $448,000 of federal funds to support Marin small businesses with lower-wage employees that have been adversely affected by the COVID-19 pandemic.
The money will be in the form of grants of no more than $10,000 and interest-free loans of no more than $50,000. 53% of the funding will be targeted for businesses in or near San Rafael, 27% to those in or near Novato, and 20% for the rest of the county. Businesses will be selected by a lottery because of the expected high demand for assistance.
The County’s partner on the funding distribution is the Mission Economic Development Agency (MEDA), established in San Francisco in 1973. MEDA serves historically under-resourced families throughout the Bay Area, especially those among the Latinx population, by promoting economic equity and social justice. MEDA will use federal Community Development Block Grant (CDBG) funds to create a new Marin County Small Business Fund worth more than $900,000.
The Marin Community Development Agency, which administers CDBG funding locally, is targeting small businesses with low-income owners and/or businesses with 50% or more employees being low-income. For this program in Marin, low income is defined as an employee earning less than $97,600.
MEDA’s webpage for the Marin County Small Business Fund will have more information about how businesses can apply for the program in the coming weeks. Inquiries should be emailed to MEDA.