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City of Rancho Cordova Announces $1M Loan Program, Plus Other Programs to Support Local Businesses

Post Date:04/08/2020

Rancho Cordova, CA (April 8, 2020) – The City of Rancho Cordova is launching new programs to support Rancho Cordova businesses affected by the COVID-19 pandemic.

Among these programs is $1 million in funds for very low-interest loans to local businesses through the new Emergency Investment and Relief Program. The city will partner with Lift Investing to direct $1 million of its existing investment accounts into a community financial institution that will then provide very low-interest loans with deferred principal and interest payment for the first three to six months to local businesses to help them retain or create jobs. Stay tuned to the city’s website at CityofRanchoCordova.org/coronavirus for information once the program goes live.

“The City of Rancho Cordova is here to partner with our business community,” said Mayor David Sander, Ph.D. “The Emergency Investment and Relief Program and other resources aim to provide our businesses with vital information and options and support our local economy during this unprecedented time.”

Other resources available and coming soon to support Rancho Cordova businesses include:

  • The city is partnering with the Rancho Cordova Chamber of Commerce to host a virtual town hall with resources and information for small businesses on Wednesday, April 8, 2020 at 3 PM. Speakers include Congressman Ami Bera, M.D., Rancho Cordova Mayor and Virologist David Sander, Ph.D., Small Business Administration District Director Heather Luzzi, and Rancho Cordova Chamber of Commerce President & CEO Diann Rogers. Registration is available online at https://bit.ly/3e1DIsQ

  • In the coming days, the city will launch a new program to provide free business counseling with specialists who will offer one-on-one in-depth consultations to businesses to help them navigate funding resources available.

  • The city has created a dedicated resource page for businesses, as well as a comprehensive list of businesses that remain open on the city’s website at CityofRanchoCordova.org/coronavirus. These pages are updated daily as new resources and information becomes available.

Rancho Cordova’s workforce of 65,000+ makes it one of the largest employment centers in the region. The State of California and County of Sacramento Stay-at-Home Orders are impacting local businesses. While some businesses deemed “non-essential” have temporarily closed, others have been impacted by residents staying home unless performing essential duties.

For more information on resources available to Rancho Cordova businesses, visit CityofRanchoCordova.org/coronavirus.

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