City Council OK's $1M in small business loans
Nov 19, 2009 | 802 views | 21 
| 6 
| 
| 
| 6 | |
A few months ago, Tracy officials had hoped to work with local banks to help out small businesses, and proposed to pump $1 million into the effort.
But the requirements for banks to lend money to merchants is so stringent it made the city's plan dead on arrival.
So this week the Tracy City Council voted to team up with the nonprofit national Development Council subsidiary called the Grow America Fund, Inc., which works with the federal Small Business Administration, to help out local business owners.
The city will put $1 million from two funds it has into the pool of money that can be used to make loans between $50,000 and $1 million, Ursula Luna-Reynosa, the head of economic development, told the council Tuesday night.
The city hopes it can turn into a kind of revolving loan pool, where the money is lent out again after its repaid.
For businesses that might get loans, there are several benefits, Luna-Reynosa said.
Loans would be made for longer terms than conventional bank loans so the borrower has smaller payments, there are lower down payments and interest rates, and potentially higher loan amounts.
Luna Reynosa said 90 percent of the loans would be guaranteed by the federal government, and the city is on the hook for the other 10 percent in case of default.
contact a Tracy Press reporter at 835-3030, or e-mail tpnews@tracypress.com.
We encourage your online comments in this public forum, but please keep them respectful and constructive. This is not a forum for personal attacks, libelous statements, profanity or racist slurs. Readers may report such inappropriate comments by e-mailing the editor at tpnews@tracypress.com.
atthegrand.org
Who then would clean up the location? As it is we are paying someone $6,500 per month to keep the place clean. Right now the people who use the "Grand" don't chew bubble gum,or eat pop corn and candy bars.
Using it as an Unemployment Office sounds like a better idea.
Grow America!
Where do you think the money comes from to support the schools. Taxes from tax payers. Good bye.
We have gone a stray again, don't throw in it's good for the children. Don't we have stages in our schools, where children can do their thing.
Lets get to the issue of tax dollars wasted, on those special interest projects.
The Grand has more than movies. In fact, they just had a Children's production this week.
If you are complaining about the cost don't go. That's entirely up to you. Let others enjoy the art, theatre, classes, movies, education, entertainers, science, even Led Zeppelin.
And considering there is no other theatre in California like the Grand - nineteen million is probably a bargain.
I would also point out the list on the wall. Lists of families names (or sponsors). Meaning the businesses and people living right here in Tracy, CA is a pretty long list.
More importantly the Grand doesn't just have TWO theater rooms. The Grand Theater offers a lot more than you are suggesting. But I will let you figure that out for yourself.
And it looks like you missed the Science on Saturdays Series too.
Maybe you should send a BIG Sour Lemon, to the Grand's Art Gallery and see if they accept your work of art?
I think your balls have melted, Damage control means that you guys are making excuses for your failure to communicate the truth about wasting tax dollars on a lemon like the" NOT SO GRAND THEATER".
We do people like you come from?
Is it a joke are you saying someone at the Grand Theater is being controlled? Please put a stake in the ground and explain your position. The Grand Theater was not "damaged" it was repaired.
That is precisely why people in Tracy, CA say the Grand Theatre an "ammenity". The Grand Theatre has not "damaged" Tracy, CA.
???
It all sounds like damage control. Sorry.
I didnt complain about the Downtown ammenities . The Grand Theatre in the downtown is a blessing. And I really doubt Ellinis needs to put theiir hand out for Grow America Fund. If nothing else I wouldn't be surprised if she is involved in sponsorship? The idea of a dollar for dollar match is totally up to the fund manager. In the past VC's have been known to give capital based on a business plan with little or no equity. You can't gain some insight to how that works by watching Sharks. But you should know there are different factors used to valuate a company. Intellictual property. Market share. Etc...
Entrepreneurs connect with their social networks (friends, family, friends of family, community members, colleagues, alumni and others) to raise up to $99,000 in funding by requesting loans and gift contributions. Funders can get product discounts and freebies, as well as the ability to track how the funding is spent.
Visit http://www.40billion.com for more info about people funding businesses.
I have had "Mucho"experience with the SBA. They usually want a package made up to analyze the funding before it's loaned out.
They also want a dollar to dollar equity value on the package before the lending. This is why I suggested the SBA, we don't want the money going to some special interest agenda as the Grand Theater.
Who will decide what business will get the loans? Why don't the city join forces with the SBA,fund the project and let them qualify the applicants. Just a thought. After all this money belongs to the tax payers of Tracy.
Who will decide what business will get the loans? Why don't the city join forces with the SBA,fund the project and let them qualify the applicants. Just a thought. After all this money belongs to the tax payers of Tracy.