Politics & Government

Manhattan Beach: City Prepares To Make Emergency Business Loans

Manhattan Beach City Council votes 5-0 to authorize loans to businesses in need during COVID-19 emergency in hopes of keeping them afloat.

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The City Council of Manhattan Beach has authorized the city to offer a loan program for businesses in need to help maintain the small town charm and character independent, locally-owned businesses bring to the city.
The City Council of Manhattan Beach has authorized the city to offer a loan program for businesses in need to help maintain the small town charm and character independent, locally-owned businesses bring to the city. (Liz Spear | Manhattan Beach Patch)

MANHATTAN BEACH, CA — The Manhattan Beach City Council voted 5-0 last night to offer an emergency business loan program to ailing businesses physically in the city due to the impacts of COVID-19.

City Finance Director Steve Charelian told Manhattan Beach Patch, "Staff will be doing the heavy lifting on developing the loan program and parameters. The council subcommittee [Long Term Business Solutions Ad Hoc committee] will be a sounding board once the loan program details have been ironed out. Last night we received council direction to move forward with the development under the authority of the City Manager. The program itself will not be coming back to Council [for approval]. We will provide periodical council updates on how the program is doing."

According to last night Council meeting's agenda, the city will allocate $250,000 from its General Fund Reserves to make loans of $10,000 per business, with repayment starting sometime after the local emergency is declared over.

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RELATED: Manhattan Beach City Council To Consider Loans To City Businesses

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