SMUD announces microloan program for local nonprofits and small businesses impacted by COVID-19
Accepting applications now through September 2
In response to the devastating impact that the COVID-19 pandemic has had on local small businesses and nonprofits, SMUD announced that it has created aCOVID-19 Relief: Nonprofit Microloan Programfor those who serve Sacramento’s most vulnerable communities and who may not have qualified for the federal, state and local loan offerings.
“The pandemic has the potential to paralyze many of our underserved communities, and by supporting these essential, local nonprofits who focus directly on community services, we can fill the funding gaps and have a greater impact on our community,” said Jose Bodipo-Memba, SMUD director of Sustainable Communities.
The purpose of the loan program is to help counter the economic fallout of COVID-19 on our local communities. SMUD worked with its community partners to identify gaps in funding and partnered with California Capital to create a simple and low-interest microloan program to help nonprofits and small business in its service area.
“It’s in SMUD’s DNA to support our customers, community and local businesses, particularly during a time of great need,” said SMUD CEO and General Manager Arlen Orchard. “It’s why we extended our moratorium on customer disconnects for non-payment, and it’s why we’re now providing financial relief to small businesses and nonprofits so they can find their financial footing during this period of uncertainty.”
SMUD is accepting COVID-19 Relief: Nonprofit Microloan Program applications from July 17 – September 2. Loans are limited and will be dispersed based on factors including, but not limited to
- Proven COVID-19 impact
- Having not received any other COVID-19 related funding
- Focus on areas most in need based in part on SMUD’sSustainable Communities Resource Prioritiesmap
- Organizations addressing economic prosperity, mobility, environmental health and social well-being services
Qualifying nonprofits should meet the following criteria
- Incorporated nonprofits operating in SMUD’s service area
- Nonprofit 501(c)(3) and 501(c)(4) status
- 100 employees or less
- Directly impacted by COVID-19
- Loans that will be used for the following
- Acquisition or leasing of real property, buildings, machinery, equipment and inventory
oConstruction or repair of buildings, machinery, equipment and tenant improvements
oOperational activities such as payroll, rent and utilities
oTechnology improvements related to COVID-19 social-distancing guidelines
Each year SMUD contributes approximately $3 million in cash and in-kind services to community-based organizations. SMUD will continue to support healthy, vibrant and economically sustainable neighborhoods for all of our customers with a special eye to improving equity in our region through our SMUD’s Sustainable Communities initiative.
For more information on the program, loan terms and how nonprofits can apply, visitSMUD.org/Microloan.
As the nation’s sixth-largest community-owned electric service provider, SMUD has been providing low-cost, reliable electricity for almost 75 years to Sacramento County (and small adjoining portions of Placer and Yolo Counties). SMUD is a recognized industry leader and award winner for its innovative energy efficiency programs, renewable power technologies, and for its sustainable solutions for a healthier environment. SMUD’s energy is about 50 percent carbon-free and is on track to deliver 100 percent net-zero carbon electricity by 2040, ahead of California’s 2045 goal. For more information, visitSMUD.org.