County to participate in small business loan program

San Diego County will participate in a recovery loan program for small businesses.

A 5-0 San Diego County Board of Supervisors vote Tuesday, April 21, authorized the execution of an agreement with the San Diego Foundation in which the county will contribute $5,000,000 to the program. The agreement requires the San Diego Foundation to use the county money to fund loans to businesses in the unincorporated area which have no more than 50 employees, limits the loan amount to $50,000 per business and the interest rate to 2%, and prioritizes applications which provide job retention and job creation....