Join Spark Conejo and Conejo Chamber of Commerce for a slew of upcoming in person and digital events. We continue to follow the CDC guidelines with social distancing and wearing a mask. We look forward to seeing you at these events. Feel free to contact Spark if you have any questions.
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During this time your Chamber is here to help you navigate resources and answer any questions you may have.
Click Here for our Coronavirus (COVID-19) resource page.
Click Here for Frequently Asked Questions.
Click Here for Resources for Employers.
We’re receiving continual updates from Ventura County and LA County Public Health as well as our local cities and state officials.
If you have any questions we’re here to help. Our phone is 805.370.0035.
Are there any sources of funding to help my business during the COVID-19 Pandemic?
Yes! There are two main sources of financial support for businesses – the Small Business Administration (SBA) and the Economic Development Collaborative.
The SBA offers low interest disaster assistance loans for businesses affected by COVID-19. Loans can be for terms up to 30 years, in order to make the payments manageable. In some industry categories a company under 500 employees qualifies as a small business.
The Economic Development Collaborative offers low interest micro loans from $5,000- $50,000 through their Disaster Loan Fund to give a cash flow boost to businesses impacted by reduced sales, supply chain disruption or other challenges related to COVID-19.
- Contact Marvin Boateng, Lending Manager to apply at firstname.lastname@example.org or call (805) 409-9158.
Is there anything that I can do to support employees that will be impacted by my business shut down?
If your employees have their hours reduced or are temporarily or permanently laid off, then they should qualify for unemployment benefits from the Employment Development Department (EDD).
Employees can apply for benefits immediately after a work cut back or stoppage.
- The website to apply for benefits is https://edd.ca.gov/Unemployment/
Also, if a child’s school is closed, and employees have to miss work to be there for them, they may be eligible for Unemployment Insurance benefits. Eligibility considerations include if they have no other care options and if you are unable to continue working your normal hours remotely.
Article from one Spark’s resident real estate agent, Tim Joyce. He’s been in the real estate game for 19 years and has a sensible approach when helping his clients purchase homes.
The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate, the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.
Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily throughout 2019.
How Will This Impact Your Mortgage Payment?
Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly. But don’t let the prediction that rates will increase stop you from purchasing your dream home this year!
Let’s take a look at a historical view of interest rates over the last 45 years.
Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.
What If I Wait A Year to Buy a Home?
National home prices have increased by 5.4% since this time last year. Over that same time period, interest rates have remained near historic lows which has allowed many buyers to enter the market and lock in low rates.
As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price but instead about the ‘long-term cost’ of the home.
The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Insights Report, home prices will appreciate by 4.8% over the next 12 months.
What Does This Mean as a Buyer?
If home prices appreciate by 4.8% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:
If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.
Tim Joyce, Realtor CalRE#01382672
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Tim Joyce does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Tim Joyce will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.