Vallejo loan program offers glow-ups through Biz-Grow – Times Herald Online
By Janis Mara | jmara@timesheraldonline.com
UPDATED: July 3, 2025 at 12:02 PM PDT
An expanded menu, expanded hours and new equipment at the popular downtown restaurant Provisions are just one example of how small businesses can benefit from the Solano Biz-Grow revolving loan program.
The $4 million loan program, which assists small businesses and nonprofits impacted by COVID-19, was launched by Solano Economic Development Corporation in early 2024 with funding from Solano County.
“We got the largest loan available, $125,000. It was nothing short of life-changing for our business,” said Nicole Hodge, the owner of Provisions. She received her loan this year.
The program offers below market, fixed rate loans with a 5-year term.
Solano Biz-Grow offers an ability to borrow with a lower credit score than traditional lending. The funding helps improve small business stability and expansion, as Provisions demonstrates.
This in turn facilitates job creation in the local community. Loan principal repayments revolve back into the fund.
“We have done 55 loans with small businesses and nonprofits,” said Wendi Reed, the loan program manager for Solano Economic Development Corporation.
“The average loan size is about $65,400,” Reed said. “Several of our clients had high-interest loans on credit cards at 18 or 20 percent. They were able to refinance at the low rate. A lot of them used the increased cash flow to make improvements or buy additional supplies. The day care center owner was able to buy a car to ferry the kids to and fro.
“I met with a lot of the small businesses, restaurants, retail, day care, tax services, a hauling company, to name a few. Hearing their stories has been inspirational,” she said. “It’s been great to be able to work in the community where I have lived for 30 years.”
The City of Vallejo is launching a similar program soon, she said. “Stay tuned for details.”
Small businesses and non-profits must meet certain eligibility criteria. Eligibility includes a demonstrated impact from the pandemic, along with certain areas of Solano County and certain types of businesses that are automatically eligible. Small businesses or non-profits must be operating on or before December 31, 2021.
Loans range in size from $25,000 to $125,000. For more information, visit the website, https://www.solanonapasbdc.org/solanobizgrow/, or contact Wendi Reed, Solano EDC Loan Program Manager, at Wendi@SolanoEDC.org or (707) 864-1855 x 21.
Originally Published: July 3, 2025 at 12:01 PM PDT