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Home»Business»The important role of small business owners and nonprofit organizations – The Vacaville Reporter
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The important role of small business owners and nonprofit organizations – The Vacaville Reporter

The Elite Times TeamBy The Elite Times TeamMarch 15, 2024No Comments4 Mins Read
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In 2021, $87 million in American Rescue Plan Act funding was funneled to Solano County. Most of us remember the global pandemic wreaking havoc on our communities and economies, with nonprofits and small businesses suffering tremendously.

To address those hardest hit by the pandemic, many of them people of color, the Solano County Board of Supervisors approved $4 million in ARPA funding for the Solano Economic Development Corporation (SEDC) in 2022 to Businesses and non-profit organizations.

$400,000 has been allocated to both participating loan fund lenders First Northern Bank, Valley Strong, Travis Credit Unions and SEDC to cover administrative costs. The remaining $3.6 million of the $4 million will be used for direct financing.

A key feature of the loan program, according to SEDC, is that “repayments are cyclical, allowing future Solano County small businesses and nonprofits to be supported with loans that repay the initial funds.”

Small business owners who meet the revolving loan program requirements can apply for loans ranging from $25,000 to $125,000. If approved, you will receive a fixed interest rate of 6% and a refundable loan application fee of $250 after completing an evaluation and counseling by the Napa Solano Small Business Development Center.

But not all is well. Solano Black Chamber of Commerce President Tamri Richardson and others in the community oppose ARPA’s funding of revolving loans.

A change.org petition with more than 100 signatures states: “Funds should be used for the betterment of our communities and should not be used for revolving loans that can exploit vulnerable individuals and families. It should not be used.”

Small businesses should be able to access ARPA funds in the form of grants rather than loans without heavy requirements, the petition continues. The petition calls on participating banks to terminate their contracts with the loan fund and prioritize people over profits.

At a recent Solano County Board of Supervisors meeting, SEDC CEO Chris Rico and staffers Sean Quinn and Wendy Reed provided the board with an update on the loan program.

After the SEDC presentation, Mr. Richardson and two attendees spoke by phone to express their disapproval of the revolving loan program during public comment. One of them said changes to loan program terms continue to be made. Supervisor Erin Hannigan rejected the charges.

Meanwhile, the board heard positive comments about the loan program, including from business owners, elected officials, Vacaville Chamber of Commerce President Debbie Egido and Tri-City NAACP President Nikila Gibson.

The Board unanimously supports the revolving loan program.

I attended a Zoom meeting hosted by the Solano Black Chamber of Commerce to discuss the loan program. The Tri-City NAACP recently hosted Rico and two other members of his staff to explain their revolving loan program.

Rico said some small businesses have received grants from other ARPA funds and the Paycheck Protection Program. This time SEDC wanted to try something different.

The revolving loan program falls within the ARPA funding federal guidelines.

Rico said data shows that 80 to 90 percent of people of color have a harder time in business. Therefore, SEDC prioritized minority businesses. Because minority businesses have the least access to cheap capital and have suffered the most during the pandemic.

If ARPA funds run out, the plan is to submit data and program results to the federal Economic Development Administration for additional funding to continue the program. SEDC plans to seek philanthropic funding, likely from the Bay Area.

Another goal of SEDC is to help small businesses and nonprofits build relationships with community banks and the Napa Solano Business Development Center. The Business Development Center provides a variety of resources, services, and business advisors to help entrepreneurs develop and enhance their existing business skills, all free of charge.

Gibson said it’s better to have $125,000 spread out over a year than to have $10,000 all at once. Revolving loan programs also allow business owners to reapply if they don’t initially qualify.

When it comes to concerns about revolving loan programs, anything goes. Local banks will not benefit in the long run if they try to take advantage of small business owners, but it is up to organizations like local chambers of commerce that represent small businesses to hold financial institutions accountable.

The Board requested an update from SEDC. The community, especially the Tri-City NAACP, can also request similar information to help advocate for small business owners if needed.

Small business owners and nonprofits are our neighbors and America’s job creators.

— Dannette Mitchell is a social issues advocate and recipient of the 2022 Women of the Year Congressional Award. Email: damitchell@earthlink.net




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