MENDOCINO Co., 10/31/19 — With the power finally having come back on across most of Mendocino County after four days of outage, many people are just now beginning to evaluate the costs and economic impacts of these days in the dark.
For, while a few local businesses managed to stay open, with employees deftly and cheerfully navigating long lines of customers, many businesses were forced to close their doors, spend money on back-up power or to preserve supplies, and send employees home with pay for nearly a week, while residents scrambled to find supplies or power sources, or to get gasoline.
All of this has resulted in substantial financial losses for businesses and employees alike, which are unlikely to be covered by PG&E.
Even for those with insurance, this kind of unprecedented power shut-off event may not be covered under their personal or business plans. To help local businesses recover from the recent shut-offs, or to prepare for what may be an inevitable future recurrence, the Economic Development and Finance Corporation (EDFC) is offering low-interest business loans of up to $50,000 at 3% APR interest to local businesses for disaster preparedness.
“EDFC has established a loan fund so we can be responsive to these types of events,” the organization’s director, Heather Gurewitz, wrote in an email. “We are offering low interest loans (as low as 3%) for up to $50,000 to businesses that either have losses related to events like this or who want to prepare (e.g., buy a generator). Please help us spread the word. We make no money on this, it is a community service.”
More details can be found in the flyer below, or by contacting the EDFC at their website or at 707-234-5707 to see if your project qualifies.
Here’s the full message from EDFC and the flyer below:
Ukiah, CA. – The recent Public Safety Power Shutdown (PSPS) has been very hard on small local businesses. In order to support small businesses during events like these, EDFC has established a disaster assistance loan program.EDFC press release, 10/31/19.
If your business was negatively impacted by the recent Public Safety Power Shutoff event in Mendocino or Lake County, you may be eligible for a loan of up to $50,000 with interest as low as 3% APR. Additionally, depending on the size and location of your business, EDFC may be able to waive application fees and closing costs.
Funds can be used to support working capital, replacing inventory, and/or purchasing equipment for resiliency in the future such as generators or solar power.
For more information, contact EDFC’s Lending Relations Manager, Robert Gernert at [email protected] or (707) 234-5705. You can visit their website at edfc.org.