Help Your Business Succeed
SBA Offers Disaster Assistance to California Small Businesses Economically Impacted by the Monterey Park Shooting
The City of Monterey Park will host a small business workshop to help small businesses economically impacted by the Monterey Park shooting take advantage of the SBA low-interest disaster loan (EIDL) before the application deadline on January 5, 2024.
- Date: Wednesday, December 13, 2023
- Time: 3:00 p.m. to 8:00 p.m.
- Location: Monterey Park Hope Resiliency Center, 311 N. Rural Drive, Monterey Park
English, Chinese, and Spanish-speaking SBA customer service representatives will meet individually with small business owners to assist in applying and address any questions related to the SBA's disaster loan program, which ends on January 5, 2024. Additionally, the SBA will assist business owners who wish to resubmit their application for a disaster working capital loan. No appointment is necessary to facilitate accessibility.
The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to eligible small businesses and private nonprofit organizations that have been economically impacted by the Monterey Park mass shooting and its related investigation, which occurred between January 21-28, 2023. We are here to provide support and help businesses overcome financial hardships and operating expenses resulting from the disaster, ensuring their long-term success.
SBA will provide disaster loans with 0% interest and no payments required during the first year. This allows businesses to focus on recovery without the added burden of loan repayments. Eligible small businesses and private nonprofit organizations can apply for low-interest Economic Injury Disaster Loans (EIDL) with rates of 3.305% for small businesses and 2.375% for nonprofits. The loans, up to $2 million, are designed to help cover financial obligations and operating expenses that cannot be met due to the impact of the disaster. This includes fixed debts, payroll, accounts payable, and other bills affected by the disaster, enabling businesses to overcome temporary revenue loss.
The deadline for economic injury applications is January 5, 2024. Apply for disaster loan assistance conveniently online at SBA's secure website: https://disasterloanassistance.sba.gov.
For additional disaster assistance information, visit SBA's website at www.sba.gov/disaster. Contact SBA's Customer Service Center at (800) 659-2955 or email email@example.com. Interpreters are available to assist with the application process. For deaf, hard of hearing, or speech-disabled individuals, dial 7-1-1 for telecommunications relay services. Mail completed applications to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
We are dedicated to supporting the recovery and growth of businesses and nonprofits impacted. Together, let's rebuild and strengthen our local business community by encouraging eligible businesses and nonprofits to apply for the financial assistance they need.
*Please note: The information provided is current as of the latest update. To access the most up-to-date and comprehensive information about the disaster loan program, please visit the official SBA website.
For further assistance, please contact the Economic Development Division at (626) 307-1385 or EconDev@montereypark.ca.gov.
Need assistance to start or grow your business?
Our Economic Development team is ready to assist you in finding the resources and incentives you need to start, grow, or expand your business in Monterey Park.
Our team is dedicated to connecting you with valuable resources that can help you make well-informed business decisions to succeed. Below is a list of some of the resources available to you.
For more information, please contact the Economic Development Team at firstname.lastname@example.org or (626) 307-1385.
State, County, and Regional PartnersWe use the collective strengths of our state, county, and regional partners when working for the success of the Monterey Park business community. Please click on the links below to learn more.
Gas Assistance Fund (GAS)The SoCalGas Gas Assistance Fund offers a one-time grant to help customers pay their natural gas bills, with more customers now eligible. - One-time grant for the gas bill, not to exceed $400. - Additional $100 for applicants age 55+ or has an older adult (55+) living in the household. - Extra grant funding is available to those facing certain financial hardships.
- For more information or to apply, contact the Chinatown Service Center at (626) 293-8733
Restaurants Care Resilience FundThe Restaurants Care Resilience Fund helps small restaurants with improvements, upgrades, employee retention, and managing debt, losses, and rising costs. - $3,000 grants to small restaurants. - No more than three independent locations and not exceeding $3 million in annual revenue. - Applications open in April 2023.
- For more information: www.restaurantscare.org.
Governor's Office of Business and Economic Development (GO-Biz)
GO-Biz serves as the State of California's leader for job growth, economic development, and business assistance efforts. They offer no-cost consultation for identifying business incentives, site selection, regulatory or permitting compliance assistance, foreign direct investment, and export assistance.
Los Angeles County Economic Development Corporation (LAEDC)
LAEDC's Business Assistance Program offers confidential, free-of-charge consulting to small and large businesses across all industry sectors and business types. They help businesses overcome challenges to sustain, grow, and hire. Their Business Assistance team is ready to assist you in overcoming and resolving challenges, assist with new opportunities, and help you grow your business in Monterey Park.
Rise Financial Pathways
Rise Financial Pathways is a nonprofit organization that provides capital for expanding businesses through its Small Business Expansion Loan Program and provides loans to struggling businesses that have been in operation for a minimum of two years through its Seed Microloan Program.
Goldman Sachs 10,000 Small Business Program
Goldman Sachs 10,000 Small Business Program provides business education, support services, and pathways to capital for growth-oriented entrepreneurs. Goldman Sachs partners with Community Development Financial Institutions and other mission-driven lenders to expand access to capital for small businesses.
Pacific Asian Consortium in Employment (PACE)
PACE is a nonprofit organization that provides small business training, technical assistance, counseling, and access to capital.
Small Business Development Center (SBDC)
Small business owners and aspiring entrepreneurs can go to the SBDC for free face-to-face business consulting. They help startups from ideation to fundraising, assist business owners with the creation of jobs through capital infusion, and provide high-quality business and economic development assistance to small businesses and entrepreneurs.
Small Business Administration (SBA)
The SBA makes it easier for small businesses to get funding and provides assistance in planning, launching, managing, and growing your business.
Transitional Subsidized Employment (TSE)
Provides entry-level workers for your business whom you do not have to pay wages, at 30-40 hours per week, for three months.
California Workforce Investment Board (CWIB)
CWIB helps you team with the state to create employee training programs and offer incentives tailored to retain your workforce.
Employment Training Panel (ETP)
The ETP provides funding to employers to assist in upgrading the skills of their workers through training that leads to good-paying, long-term jobs.
Small Business Innovation Research Program (SBIR)
SBIR helps your small business reach its potential by offering incentives to bring your technological innovations to the market through the commercialization of your research.
Small Business Resource Center for the 50+
This nonprofit organization offers information, education, and resources for aspiring entrepreneurs and established business owners.
Southern California Edison (SCE) Small Business Incentives
Find incentives and experts to improve the efficiency of your building's HVAC unit and ductwork, get instant price reductions on qualified LED lighting and small business energy rates, find new ways to speed up your cookline and many more.
SoCalGas Small and Medium Business Incentives
SoCalGas offers an array of energy efficiency programs to small and medium businesses as part of its commitment to exceptional customer service.