City of Fortuna Enacts Business Resiliency Emergency Loan Program for Local Businesses

In response to business impacts related to COVID-19, the City of Fortuna is committed to providing financial support to Fortuna's businesses to help them weather the resulting economic downturn. On April 6, 2020, the Fortuna City Council adopted Resolution No. 2020-14, which creates an emergency business loan fund for a rapid response to COVID-19 impacts on local businesses. Loans of up to $25,000 are available to Fortuna businesses under the following general framework:

  1. They have a demonstrated reduction in income due to COVID-19.
  2. They are not able to secure a traditional bank loan.
  3. They meet with a SBDC business advisor (standing by today) to review the best use of funds to shore up their businesses.
  4. The loans will a five year term with payments deferred for 6 months and will require 2.5% simple interest.
  5. All loans will be underwritten and serviced by the Redwood Region Economic Development Commission (RREDC).
The City Council meeting in which this Resolution was adopted can be viewed here. Additional information regarding the program can be found on the flyer.

Existing RREDC customers can apply by completing the following application: Fortuna Emergency Loan Application
New RREDC customers can apply by completing the following application: RREDC Emergency Loan Application


Questions?


If you have questions about the Fortuna Business Resiliency Emergency Loan Program, please contact Dianna Rios or Merritt Perry.


Find updates and information regarding the City of Fortuna and BRELP on the COVID-19 State of Emergency page.