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.