(Mountain View, Calif.) — Phase one of Mountain View’s Small Business Resiliency Loan Program officially launched today. The new program will provide up to $10,000 in the form of no-interest loan assistance for small businesses (no more than 25 employees) that are located in Mountain View and have been impacted by the COVID-19 pandemic. The Small Business Resiliency Loan Program is a true community collaboration and was made possible through seed money and contributions totaling almost $1 million and provided by the City of Mountain View, Google, LinkedIn and more than 250 generous individual donations to the #TogetherMV Small Business Relief Fund administered by Los Altos Community Foundation.
“These no interest loans with three year terms are a resource that provides an opportunity for businesses to decide for themselves on what they need the most to get back up and running,” explained Mountain View Mayor, Margaret Abe-Koga. “Providing loans also allows us to roll the money paid back into future business assistance initiatives in our community, and a more sustainable, long term aid program.”
As part of the additional help to local small businesses, the City will also launch a separate special program for landlords who own nine units or less. Approved by the City Council in late March and funded solely by the City for $100,000, the program is designed to help smaller housing providers maintain their properties even if tenants are unable to pay due to COVID-19 hardships. Eligible landlords can apply for a no-interest loan of up to $5,000 a month and for up to two months, pending fund availability.
The process to apply is open now through 5:00 p.m. on May 1. Interested businesses and landlords can begin through a partnership with Main Street Launch, who will administer the program. Information on how to get started, including additional eligibility criteria and important deadlines is available at MountainView.gov/SBRP.
While the Small Business Resiliency Program is first come, first served until funds are exhausted, continued donations to the #TogetherMV Small Business Relief Fund will allow more businesses to be helped. “The #TogetherMV partnership between the City and Los Altos Community Foundation provides a way for residents and other corporations to provide additional support to small businesses,” notes Los Altos Community Foundation’s Executive Director, Adin Miller. “These donations will be added to the pool of resources made available through Main Street Launch.” For more information on the #TogetherMV small business relief funds administered by Los Altos Community Foundation, visit MountainView.gov/TogetherMV.
For more information on actions the City has taken during the COVID-19 pandemic, local and regional resources available to residents and businesses, frequently asked questions and other important information, visit MountainView.gov/COVID and follow City Hall on social media through Twitter.MountainView.gov, Facebook.MountainView.gov, MountainView.gov/Instagram, log in to Nextdoor.com, subscribe to MountainView.gov/YouTube or our sign up for our newsletter MountainView.gov/MVBrief.