title
Receive an update from the Solano Economic Development Corporation on the small business Revolving Loan Fund program funded with Solano County American Rescue Plan Act (ARPA) Coronavirus State and Local Fiscal Recovery Funds (SLFRF); and Consider providing direction on terms of a successor agreement for the Revolving Loan Fund program
body
Published Notice Required? Yes_______ No___X___
Public Hearing Required? Yes_______ No ___X___
DEPARTMENTAL RECOMMENDATION:
The County Administrator's Office (CAO) recommends the Board of Supervisors:
1. Receive an update from the Solano Economic Development Corporation on the small business Revolving Loan Fund program funded with Solano County American Rescue Plan Act (ARPA) Coronavirus State and Local Fiscal Recovery Funds (SLFRF); and
2. Consider providing direction on terms of a successor agreement for the Revolving Loan Fund program.
SUMMARY:
Solano County received a direct federal funding allocation under the ARPA SLFRF program of $86,949,405. These funds are intended to provide support to the County in responding to the economic and public health impacts of COVID-19 and impacts on our communities, residents, and businesses. The Board allocated $4,000,000 of Revenue Recovery funds toward a Revolving Loan Fund (RLF) implemented by the Solano Economic Development Corporation (EDC).
Since the implementation of the program through June 30, 2025, 55 loans have been made totaling $3,598,300, with an average loan of $65,424. Loans have been made in all seven cities and the unincorporated area of Solano County. Participating lenders are First Northern Bank, Travis Credit Union and Valley Strong Credit Union. Overall, the program has seen significant success with $745,329 being paid back in principal and interest through October 31, 2025. In addition, the City of Vallejo piggybacked on the County program and contracted with Solano EDC for an additional $319,000 in loans for Vallejo businesses.
The current agr...
Click here for full text