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Soledad outlines CDBG business loan program; first $245,000 loan issued to hardware store
Summary
Economic development staff described Soledad’s CDBG Business Assistance Loan Program, reporting $970,141 received in earlier rounds, a $750,000 award in July 2023, and the March 2024 issuance of a $245,000 loan to a new Ace Hardware; lending limits, job-creation requirements and monitoring procedures were explained.
City economic development staff presented details of Soledad’s Community Development Block Grant (CDBG) Business Assistance Loan Program during the council meeting, answering council questions about eligibility, loan terms and program oversight.
Cynthia Vargas, the city’s economic development coordinator, said the city received roughly $970,141 in CDBG funds between 2020 and 2021 and was awarded $750,000 in July 2023 to operate an…
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