La Quinta Launches Interest-Free Small Business Loan Program

LA QUINTA, CA — Starting Tuesday, small businesses in La Quinta can apply for interest-free loans being distributed by the city during the coronavirus pandemic.

The city of La Quinta, through its Small Business Emergency Economic Relief Program, earmarked $1.5 million to lend to small businesses with 25 or fewer full-time employees, with up to $500,000 being reserved for restaurants offering pickup or delivery services, city officials announced Tuesday.

Qualified businesses can receive between $5,000 and $20,000.

"We anticipate distributing checks to approved businesses in early May," Mayor Linda Evans said. "We will come out of this stronger if we all work together. The safety and well-being of our community remain our top priority as we face an issue of enormous scale and impact. We understand this time is challenging, and our hearts go out to all who have been affected by the outbreak of COVID-19."

The application period begins Tuesday at 1 p.m. and ends at 5 p.m. on April 30.

Loans will not be approved until after the deadline in order to allow all businesses an equal opportunity to be reviewed, officials said.

A six-person committee composed of two unspecified city council members, two members of the city's Financial Advisory Commission and two city staffers will review all applications.

To apply online, visit www.laquintaca.gov/COVID19BUSINESSLOAN.