Capitola businesses still waiting on federal aid
Storm-damaged businesses in Capitola are still waiting on federal aid since applications opened about a week ago.
At the federal level, businesses are only eligible for a small, fixed-interest rate loan from the U.S. Small Business Administration of up to $2 million.
According to a spokesperson for SBA, as of Thursday, there’s been 33 applications from businesses in Santa Cruz County, all of which are waiting on approval.
Small businesses are not eligible for Federal Emergency Management Agency grants, which are for homeowners and renters. That said, they are strongly encouraged to register with FEMA as their information is shared with SBA and any future state aid programs.
Santa Cruz Community Foundation has approved 22 business grants totaling $100,000, all of which are solely from donations.
The application window has closed, and grant recipients will receive a deposit in one to three business days after they’ve submitted their bank information.
Meanwhile, the hardest hit businesses, restaurants along the esplanade, are beginning construction using their own savings and lines of credit.
On Thursday, contractors could be seen hauling lumber and other construction materials, while business owners tried to continue to clean up debris.
The kitchen manager at Zelda’s on the Beach was busy excavating sand underneath the restaurant to fix the plumbing, and Dominic King, the owner of the restaurant My Thai Beach, was busy lifting up damaged floorboards.
Zelda’s and My Thai Beach hope to open as soon as Easter.