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Lemon Grove touts new revolving loan fund and $600,000 gift-card program to support local businesses
Summary
The city has fully funded a revolving loan fund (established with East County partners and federal matching) and re-launched a local gift-card program that has put over $600,000 into downtown businesses, Mayor Snow said.
Mayor Allison Snow described a suite of efforts intended to help small businesses thrive in Lemon Grove, saying a revolving loan fund established with neighboring cities and the East County Economic Development Council is now fully funded and operational to provide capital to fledgling businesses.
Snow also said the city reinstated a gift-card program that has 'poured over $600,000' into local businesses to stimulate downtown spending. She named a series of new or returning businesses as examples of growth downtown and credited partnerships with regional economic-development organizations for technical and financial assistance.
City staff said the loan fund is intended to support businesses in their first two years when conventional bank lending is most difficult to access; further program details are to be provided by the city’s economic development staff.
