The City of Goleta is proud to partner with Women’s Economic Ventures (WEV) and the Santa Barbara Foundation to support Goleta businesses through two new COVID-19 relief programs.
The Santa Barbara Better Together (SBBT) Fund Small Business Grant Program recently launched, in partnership with the City of Goleta, Santa Barbara Foundation, and Deckers Brands, providing grants for Goleta’s small businesses. This is a formative step in the City’s economic relief and recovery efforts. Grant applications are due by this Friday, August 7 at 5:00 p.m. The City of Goleta and Santa Barbara Foundation Santa Barbara Better Together Fund each contributed $50,000 in order to create the Goleta-specific small business grant program. The partnership will support grants from the Santa Barbara Better Together Fund of up to $10,000 per grant to qualifying local Goleta small businesses as they reopen and adapt to operating under proper public health guidelines due to COVID-19. Grant awards are available to eligible businesses until funds have been depleted. The Santa Barbara Better Together Fund was set up at the Santa Barbara Foundation as a committee advised fund in March of 2020 with an initial $500,000 donation from Deckers Brands. The goal is to provide financial assistance grants to small local businesses with emphasis in support of basic needs. This will enable small businesses to continue operations in the short term while navigating the effects of COVID-19.
Women’s Economic Ventures operates the ReStart Loan Program to provide capital and advisors to businesses who are now open or eligible to open under the most current government orders (subject to change based on updated orders) related to COVID-19. The loan program provides loans up to $25,000 with a 4.50% fixed interest rate with up to a 60 month repayment term with interest only payments for the first six payment cycle in order to provide for more time to re-establish cash flow and capacity to rebuild/reopen the business. The City of Goleta contributed $200,000 in order to support the small business loan program for Goleta small businesses. This is a critical step in the City’s economic relief and recovery efforts. Goleta ReStart Loan applications can be submitted starting August 6, 2020 and will be reviewed on a rolling basis until loan funds have been depleted.
Mayor Paula Perotte shared her excitement about the two programs. “It’s amazing what we can do when great organizations work together to support our small businesses during this unprecedented time of economic upheaval resulting from the COVID-19 pandemic. The City is proud to partner with Women’s Economic Ventures and the Santa Barbara Foundation on these much needed financial and technical support programs to assist Goleta small businesses. The WEV ReStart Loan program will provide immediate funding on favorable terms and WEV’s highly-regarded financial expertise to our small businesses. Santa Barbara Better Together Fund Small Business Grant Program recently launched, in partnership with the City of Goleta, Santa Barbara Foundation, and Deckers Brands, providing grants for Goleta’s small businesses to help them reopen and adapt to operating under proper public health guidelines due to COVID-19. Both of these programs are important components of the City’s economic recovery efforts.”
With support from the Santa Barbara South Coast Chamber of Commerce, outreach for both support programs will be comprehensive with significant efforts to reach minority-owned businesses.
For more information about the grant program, please review the SBBT Small Business Grant Program guidelines for further details or apply at grantsportal.sbfoundation.org/accounts/register. For more information and to apply for a Goleta ReStart Loan from WEV, visit www.wevonline.org/loans-2/restart/.