Santa Clara County Plans to Offer $6 Million in Low-Interest Loans for Small Businesses

The Santa Clara County Board of Supervisors voted unanimously Dec. 8 to partner with the state’s “California Rebuilding Fund,” hoping to provide as much as $100 million in loans for county small businesses, and to provide an immediate $6 million for low-interest loans for businesses as a first step in a phased approach to a larger loan program.

A contract for the program—first proposed on Oct. 20 by county supervisors Joe Simitian and Susan Ellenberg—is expected to come back to the board for a vote in January.

Simitian applauded his colleagues for supporting the program.

“These small businesses are the backbones of our communities, providing employment and economic stability for hundreds of thousands of residents across the county,” he said. “They are hurting desperately right now.”

Simitian noted that while the county’s own budget is strained as a result of Covid-19 expenditures and lost revenue, “A soundly structured loan program allows us to provide significant help while eventually recovering the funds. If we’re thoughtful about it we can be both bold and prudent at the same time.”

The California Rebuilding Fund is a sole member Public Benefit LLC managed by Kiva Capital Management that executes loan agreements from financial institutions and other lenders, as well as accepts donations for the fund. The local Community Development Financial Institutions will then lend to small businesses.

This initial allocation of $6 million is “just a first step,” Simitian said.

County administration will be reporting back to the board in February with options for additional allocation and support efforts.

“By recycling and re-lending funds as they are repaid to the county, we hope to leverage the funding we invest to lend greater amounts over time while minimizing the need for county dollars,” Simitian said.

The loans are expected to:

• Have a three- to five-year term;

• Range from $5,000 to $100,000;

• Have a 4.25 percent interest rate; and,

• Be available for qualifying small businesses with 50 or fewer full-time employees.

Pre-applications for the California Rebuilding Fund loan program are now being accepted at

Michael Moore is an award-winning journalist who has worked as a reporter and editor for the Morgan Hill Times, Hollister Free Lance and Gilroy Dispatch since 2008. During that time, he has covered crime, breaking news, local government, education, entertainment and more.


  1. “Have a 4.25 percent interest rate”


    Sammy how about you cap these clowns 15% of the CMT like you did on the delivery guys. Certainly delivering is more valuable than gouging desperados with money you got for nothing.

    How pathetic San Jose is…

    First you vote in economic illiteracy in the form of former cops, community activists, and “investigators.” Many of whom rent.

    Who have the collective imagination of a schoolmarm, fining and regulating every aspect of economic life in hopes of equity.

    Then they go full Perelez and outlaw small business based on “science” and hand over the keys to a real Joker, Cody

    And to top it off somehow manage a puff piece in the “lil ol’ me Justice Blog” on a 4.25% interest loan on money they got for free to help you out of the hole Newsom, Sammy, and Cody dug for you…

    Public education’s return on idiocy never stops compounding.

    Einstein was wrong, compound interest is not the greatest force in the universe, dumbing down the mob is.

    You deserve this and all the turd sandwiches these geniuses feed you.

  2. > Be available for qualifying small businesses with 50 or fewer full-time employees.

    A law firm is a business, right?

    Are there any law firms in San Jose? There are?

    Slurp. Money’s gone.

  3. > The loans are expected to:

    • Be available for qualifying small businesses with 50 or fewer full-time employees.

    What happens if a business uses a loan to make a profit?

    Is that allowed?

    Is the County going to take Social Justice into account when it decides which borrowers receive the loans?

    Does Santa Clara County expect the loans to be paid back? (wink, wink)

    If a business can’t pay back the loan, is the County going to arrest the borrower or seize the business?

    If the borrower is an oppressed marginalized minority, is the County is it still going to expect to be paid back?

    Are any of the loans going to available to borrowers with white privilege?

    Why would the County make loans to people with white privilege who will make a profit on the loans?

  4. > First you vote in economic illiteracy in the form of former cops, community activists, and “investigators.” Many of whom rent.

    San Jose HAS to be in the running for the “Economic Illiteracy Capital of America”.

    San Francisco, Portland, and Los Angeles better watch out!

  5. I took notes, here they are: the oligarchy didn’t/don’t pay taxes so the government has no money to help you. Some good news: the oligarchy has enough money and can loan it to you with interest.
    Even in these hard times they still can do it because they can borrow from the fed reserve at 1% and re loan it to you at 4.25% and can still make a tidy little profit. They know that if you don’t have any money you can’t buy any of their stuff and the system stops, so they will loan you some money so you can keep buying. They came up with some nice sounding organization names and beautiful logos and call them community help something, just so it doesn’t look too predatory or something bad like that. The government says yah sorry we got no money. These rich people here have some money to loan you. Our partnership with them is basically us giving you a link to their banks and forms.

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