Relief On The Way For Malibu Businesses

MALIBU, CA — Businesses may be creakily reopening in fits and spurts, but there’s no denying that small businesses everywhere have been financially devastated by the coronavirus pandemic. A bit of help is on the way.

The Malibu Chamber of Commerce and Councilmember and Mayor Pro Tem Mikke Pierson announced Thursday that they are establishing a Small Business Relief Fund that will offer immediate, interest-free loans ranging from $5,000 to $25,000 for Malibu small businesses. To qualify, businesses need normal revenue of less than $1 million or 15 or fewer employees.

“If you need a little help, need help with inventory, need to get the doors reopened, just need that extra bump, we’re here for you,” said Pierson in a Facebook video:

The loans are made possible by a donation from the Change Reaction, a Culver City nonprofit founded and funded by real estate developers and philanthropists Greg and Jodi Perlman that has helped create different “Angel Funds” throughout Southern California to make it easy for struggling businesses and individuals to improve their lives. A similar program was recently established in the San Fernando Valley for businesses and residents of Los Angeles District 12 financially affected by COVID.

The loans will be managed by the Jewish Free Loan Association and will be repayable in equal installments over the course of 24 to 36 months, after a grace period of three months. Businesses can also receive free and ongoing business support, including restructuring of leases and reviews of future business plans. All loan repayments will be redistributed to other small businesses.

“We all have a role to play in supporting the most vulnerable during this crisis because if not now, when?” said Greg Perlman. “We are happy to partner with the city of Malibu and start helping local businesses recover from this crisis and provide some relief.”

Interested businesses can apply online or email Program Manager Daphna Gerendash at dgerendash@changereaction.org.