San Diego has always had a thriving community of small businesses that bring vibrance to our county and serve as the lifeblood of our economy. Many have been hit hard by closures due to the spread of the coronavirus. Though these measures are necessary, they’re devastating for families that rely on their businesses to thrive.
San Diego Mayor Kevin Faulconer just announced plans for $4 million in micro loans to help small businesses stay afloat during the crisis. An astonishing 98 percent of businesses in San Diego need the help to pay their employees and maintain their footing.
“San Diego businesses by and large are following the health orders that have been issued over the last several days,” said Faulconer. “Unfortunately, that means that most of our beloved establishments from the local bar to your favorite restaurants are suffering.”
He expects this $4 million in loans to grow quickly, hoping for private financial institutions to add in more money. More information regarding the loans will be released soon.
There’s an old saying that goes “when the going gets tough, the tough get going.” Mayor Faulconer is a prime example of a strong leader taking action during difficult times. He’s helping the San Diego economy keep its head above water, while also listening to what the citizens need and providing for them during this difficult time.