Item 1 Visual Slideshow presented by Staff at MeetingPoway Emergency Assistance
Loan Program (PEARL)
Program Overview
•Loan Program –$2M maximum from the City’s General
Fund’s Extreme Events/Public Safety reserve account
•Business Type –Independently owned
•Business Size -Less than 50 FTE
•Business History -In business as of March 13, 2019
•Max. Loan Size -$50,000
Loan Term –No interest for 90 after emergency lifted,
3 year repayment thereafter at 3% annual interest
Program Overview (continued)
•Security –Promissory Note and Personal
Guarantee
•Other Considerations –first come, first serve;
all decision by the City Manager are final
Ineligible Businesses:
•Illegal
•Home Based
•Chain or Franchise (more than 3 locations)
•Not in good standing with the City
•No Business Certificate
•Outstanding code compliance violations
Application Process
•On-line application –www.Poway.org
•Website will be live on April 23rd at 12:00 pm
•Upload Documents to Link to secure website
•Business and personal tax returns –2 years if applicable
•Interim business financial statement
•Personal financial statement
•Bank statements –3 months
•Itemized budget for funds requested
•Applicant provides any additional documentation or clarification
•Applicant notified of approval
Application Process (continued)
•Applicant provides signed Promissory Note and Personal
Guarantee
•City signs loan documents
•Check is issued
•When emergency declaration is lifted, borrower will be
given notice that monthly payments will be due in 90 days
•All loan payments will replenish the General Fund’s
Extreme Events/Public Safety reserve account