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A decision in Roseville 27 years ago now offers small business lifeline

A decision in Roseville 27 years ago now offers small business lifeline
THIS ONE NOW 6.6. TONI: THIS IS LIKELY JUST THE BEGINNING. TEO: A DECISION MADE 27 YEARS AGO IS BEING CREDITED WITH CREATING A LIFELINE FOR SMALL BUSINESSES IN THE CITY OF ROSEVILLE. TONI: KCRA3’S MIKE TESELLE IS LIVE IN FRONT OF THE ONE BUILDING THAT PROVED VITAL TO THAT DECISION. GOOD MORNING, MIKE. BRIAN: -- MIKE: I WANT TO STEP OUT OF THE WAY, BECAUSE THE START OF THE STORY IS THIS OLD COMMUNITY HOSPITAL BUILDING IN ROSEVILLE, THIS ONE BUILDING PLAYING A VITAL ROLE IN THIS DECISION. THIS IS OFFERING A LIFELINE FOR SMALL BUSINESSES TRYING TO SURVIVE THIS HEALTH CRISIS. INSTEAD OF POCKETING THE MONEY FOR THE GENERAL FUND, CITY LEADERS MADE THE DECISION TO CREATE A TRUST FUND. THAT MONEY HAS BEEN USED EVER SINCE TO SUPPORT AREA NONPROFITS. IN THIS AREA OF CRISIS, CITY LEADERS ARE ALSO USING IT TO OFFER A MILLION DOLLARS IN ZERO INTEREST LOANS TO STRUGGLING SMALL BUSINESES. CITY LEADERS SAY EVEN WITH THAT MONEY THERE IS SOMETHING YOU CAN DO TO HELP. THOSE BUSINESSES ARE GOING TO NEED YOUR HELP TO SURVIVE. ROB: SHOP LOCAL AND HELP THESE BUSINESSES. THAT WILL HELP KEEP THEM AFLOAT TO THIS HARD TIME. MIKE: I WILL GIVE YOU A SENSE OF HOW BIG THE IMPACT THIS CRISIS IS HAVING IN THIS COMMUNITY, HOW BIG AN IMPACT THE MONEY COULD HAVE ON THE SMALL BUSINESSES. CITY LEADERS PET -- SAY THAT 75% OF THE SMALL BUSINESSES FROM THIS ONE CITY HAVE ALREADY APPLIED. GOING THROUGH ALL THESE APPLICATIONS TO DETERMINE WHICH OF THE SMALL BUSINESSES DO QUALIFY.
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A decision in Roseville 27 years ago now offers small business lifeline
A decision involving the sale of one building in the city of Roseville more than a quarter of a century ago is now offering a lifeline to small businesses during the coronavirus crisis."It's huge," said Rob Cline, a City of Roseville economic analyst.In 1993, city leaders sold the old Community Hospital along Sunrise Boulevard to Sutter Health for nearly $15 million.But instead of directing the proceeds of the sale into the city's general fund, city leaders made the decision to create a trust fund, the Citizens Benefit Fund.Ever since, interest from that fund has been used to support area nonprofits.However, city leaders recently voted to use that fund to back $1 million worth of zero-interest loans to small businesses that qualify amid the public health emergency.Even with this lifeline, city staff emphasize that more help will be needed to help small businesses endure this crisis."The most you can do is shop local and support small business as they work to get through this hard time," said Cline.City staff is currently reviewing 276 small business applications seeking help.

A decision involving the sale of one building in the city of Roseville more than a quarter of a century ago is now offering a lifeline to small businesses during the coronavirus crisis.

"It's huge," said Rob Cline, a City of Roseville economic analyst.

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In 1993, city leaders sold the old Community Hospital along Sunrise Boulevard to Sutter Health for nearly $15 million.

But instead of directing the proceeds of the sale into the city's general fund, city leaders made the decision to create a trust fund, the Citizens Benefit Fund.

Ever since, interest from that fund has been used to support area nonprofits.

However, city leaders recently voted to use that fund to back $1 million worth of zero-interest loans to small businesses that qualify amid the public health emergency.

Even with this lifeline, city staff emphasize that more help will be needed to help small businesses endure this crisis.

"The most you can do is shop local and support small business as they work to get through this hard time," said Cline.

City staff is currently reviewing 276 small business applications seeking help.