The City of Sonora has recently approved its first Microenterprise Assistance Loan. Cole Przybyla of Cole Video in downtown Sonora, is the first recipient of a $15,000 loan. This small business opened in 2012 at 1 E. Linoberg Street. Cole learned about the City’s Microenterprise Technical Assistance Program and went through the required one-on-one technical assistance training before being eligible to obtain the Micro loan. He will be required to make monthly payments over a 4-year term, with 2.5% interest. The business plans to use the funds to purchase additional inventory, equipment, and working capital.
Program participants who have completed business training and have finalized their Business Development Plan can apply for a Micro Loan. The SBDC will assist participants in preparing and submitting a loan application to the city for processing.
The Program provides technical assistance and Micro Loans to eligible persons starting a private, for-profit business or expanding an existing business within the City of Sonora. Non-profit business entities are not eligible for the Program. Participants for the Program must meet the following criteria:
- The business must have five or fewer employees, including the owner(s).
- Any person receiving assistance must be from the Target Income Group (TIG), the City will verify this prior to participation in the Program.
- Business must be located within the City of Sonora or planning to locate within the City.
- Applicant must have previous related experience.
- Clearly identified vision of business goals.
- Ability to understand and describe the market for their product or service.
- Commitment to working hard for business success.
The overall goal of the Program is to provide specialized training and “one-on-one” technical assistance to eligible Microenterprises to assist in operating a successful business and/or expanding their business.