A $17K No-Interest Loan Goes To Deli That's Like The 'Cheers' Of Its Community
A San Fernando Valley delicatessen struggling during the pandemic got a $17,000 financial boost today.
San Carlo Italian Deli and Bakery in Chatsworth received a no-interest loan in that amount through the Small Business Angel Fund. That fund is a collaboration between the non-profit The Change Reaction and Los Angeles City Councilman John Lee, who represents the 12th District.
So far, that fund has raised $1 million.
Lee told us:
"We were all kind of disappointed with the first rollout of the PPP program when the majority of the money went to publicly traded companies. And so we thought: Let's start our own program."
The deli has an interesting history. The Roberto family has operated the business since 1975, according to the deli's website. The original location was destroyed during the civil unrest in 1992 and relocated to the Chatsworth location.
The fund that benefitted San Carlo's also helps businesses negotiate with landlords. Lee says loans amounts and re-payment schedules depend on the needs of each business. The first round of loans are earmarked for essential businesses.
MORE ON LOAN PROGRAMS
- Massive Federal Loan Program For Small Businesses Off To Rocky Start
- 10 SoCal Businesses Are Suing Big Banks Over Federal Coronavirus Loans
- No, Major Chain Restaurants, You Can't Take Millions Of Dollars Meant For Small Businesses And Expect People Not To Hate You