Santa Clara County Board of Supervisors authorize additional funds for CARF, small businesses

Santana Row in West San Jose

The Santa Clara County Board of Supervisors has authorized $4.3 million in additional loan funds for the State’s California Rebuilding Fund (CARF). CARF is a public-private partnership that aims to aid small businesses still struggling with the continuing effects of the pandemic.

Small businesses in Santa Clara County that qualify for CARF relief may apply for a loan up to $100,000 with an annual percentage rate of 4.25% and either a 60 or 36 month term.

Terms of CARF authorizes businesses to use CARF funds for working capitals, inventory and supplies, property taxes, rent, and/or retrofitting for new social distancing guidelines.

“Sadly what we’re seeing today is that small businesses, the lifeblood of our community, are having a harder and harder time getting access to the capital they need from main street banks,” said Beth Bafford, lead arranger of the Rebuilding Fund. “That’s why programs like CARF centered on community-based lenders where the County can be part of something larger than itself, but with a focused carve out for its own business sector, can make a big difference.”

The additional funding will continue support for small businesses initially proposed by Supervisor Simitian in October 2020. This action has resulted in the creation of a $25 million loan fund in cooperation with CARF, and an initial investment of $6 million for the small business loan program in early 2021. 

“The persistent effects of COVID on our small businesses and their employees have been devastating,” said Simitian. “Despite their resiliency and the ability to pivot to new business models, our small businesses still need help.”

To learn more about the program visit