Nearly $700,000 distributed to small businesses in Monterey

MONTEREY, Calif. (KION) The City of Monterey says 81 small businesses have received nearly $700,000 total as part of a small business relief program.

The city said its council passed a Local Economic Stimulus Plan in late March after partnering with the Monterey Peninsula Chamber of Commerce and the Community Foundation of Monterey County to create a Business Action and Economic Recovery Team. The plan included $500,000 from the Parking Fund and $500,000 from the Tidelands Fund in a grant program for small businesses.

The goal was to help small businesses get through the Shelter in Place order, and the city said the grant has helped 81 businesses. They have been awarded between $5,000 and $20,000 each for a total of $677,000. $480,000 comes from the Parking Fund and $197,000 comes from the Tidelands Fund. The city is expecting two more rounds of applicants being processed to distribute the rest of the funds.

“The timing of this was critical – we knew we needed to make this happen quickly for the resiliency of all our local small businesses,” said City Manager Hans Uslar. “We are grateful for our partnership with the Chamber and the Community Foundation for tracking and screening of applications, engaging with the business community, and helping distribute these City-funded grants to businesses who are in need of financial assistance.”

Donations to the Monterey Peninsula Small Business Relief Fund. Anyone interested can donate here.