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City of Chico digging into community development bank to help small businesses

The city of Chico does not plan to use surplus money to help small businesses but does have some money set aside instead.

Posted: Dec 8, 2020 7:15 PM
Updated: Dec 8, 2020 7:21 PM

CHICO, Calif. - Many small businesses in Chico have been hit hard by the pandemic. The city is stepping up to help.

Assistant City Manager, Chris Constantin, said while they don't have any direct plans to use the city's surplus money to help small businesses - they do have some other money set aside to help businesses at risk. This is through the city's community development bank.

"The city set aside money for a loan loss reserve fund," said Constantin. "We are entering into an agreement with three core which is our community development bank. The community development bank created a revolving loan fund using federal money from the economic development administration and the revolving loan fund is intended to help small businesses." 

Constantin said the city has set aside $400,000. So if a business is looking for a loan through 3CORE Banking and doesn't quite meet the criteria for the bank to issue the loan, the business can come to the city to use the money that was set aside.

For now, small businesses can apply for a loan through 3CORE online.

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We have beautiful weather around northern California right now, but it will get a lot more unsettled this weekend as a storm moves overhead. We can expect gusty wind, a big cooldown, and areas of light to moderate rain.
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