Roseville entrepreneurs can now give their small businesses a boost with a new forgivable micro-loan program.
The Roseville Economic Development Authority is offering forgivable loans up to $5,000 to assist with capital improvements. The program is limited to small businesses with five or fewer full-time equivalent employees.
Applications are on a first-come, first-serve basis. Loans will be given to businesses to fund capital improvements that foster business growth and business expansions, help redevelop and improve aging commercial properties, and help create and retain jobs in the City of Roseville.
Businesses must have a brick-and-mortar presence in Roseville. Home-based businesses are not eligible for funds, unless the funds are to be used to expand into a brick-and-mortar location in Roseville.
Micro-loans will be forgiven if the business remains open in the city for a period of three months. At the end of that period, the business must provide a statement describing how the assistance helped to expand the business, increase the number of employees, or retain employees.