Participants receive CCEDA assistance to help them manage through this economic crisis, and identify and pursue economic recovery options, such as Economic Injury Disaster Loans (EIDLs) from the U.S. Small Business Administration (SBA). Funding for the program comes from coronavirus-related relief funds awarded to the City of Montebello by the U.S. Department of Housing and Urban Development (HUD).
René Bobadilla, Montebello City Manager, says, “Our City is not immune to the unprecedented economic harm this pandemic has inflicted upon the small businesses that drive our local and regional economy. This assistance program will provide vital aid to help small business operators access SBA programs, and other economic assistance that may emerge from future federal relief efforts.”
“As the pandemic enters its seventh month, small businesses and entrepreneurs have exhausted their savings and cash reserves, made tough cuts and decisions, leveraged or been turned down by federal programs or state unemployment assistance. The region has already lost thousands of small businesses to forced closures. Montebello is stepping in by offering help to preserve the City’s business community,” says CCEDA executive director Roberto Barragan.
CCEDA is a statewide membership organization comprised of community-based organizations working to improve the economic sustainability of their communities. CCEDA has also partnered with the cities of Burbank and Carson on similar programs.