On February 15, 2023, the Norco City Council approved the restructuring of the Small Enterprise Assistance Loan (SEAL) Program, offering no-interest or low-interest loans up to $15,000 to eligible Norco businesses and non-profits. The SEAL Program was endorsed by the Economic Development Working Group, in support of businesses that generate sales tax and/or engage in lines of business that support the City's equestrian and agricultural lifestyles.
Loans would be provided to existing small businesses that best fit the City's economic development goals and vision. Those priorities include businesses that generate sales tax, and/or small businesses that are engaging in lines of business in support of the City's agricultural and animal-keeping lifestyle, such as small cottage food purveyors, small farmers, agritourism ventures, etc.
The SEAL Program is available to for-profit enterprises with no more than 25 employees and may be used for physical improvements, such as new façades or tenant improvements or business expansion. Loans are available in amounts from $5,000 to $15,000 with terms of up to five years and graduated interest rates. The first 18 months is 2% simple annual interest, while 3% simple annual interest is charged for months 19 through 36 and 4% for months 37 through 60. Businesses that have participated in other government-sponsored grant or loan programs, such as those funded by the CARES Act, are not precluded from applying for SEAL Program loans.