City creates small business relief loan program
The city has created the Small Business Emergency Relief Loan Program, which will provide funding to small businesses with less than 25 employees who need financial assistance to overcome the temporary loss of revenue because of the COVID-19 pandemic.
Applicants must meet program guidelines and submit all required information and supporting documentation in order to qualify. The program is subject to the availability of funds.
Businesses may be eligible to receive a working capital loan of up to $10,000. The loan may be used for working capital to cover the day-to-day business operating expenses, or other similar expenses that occur in the ordinary course of operations.
Small business loans will be set at a 2 percent interest rate for three years, with no prepayment penalty. The Small Business Emergency Relief Loan Program will only be implemented after the funds for the Small Business Emergency Relief Grant Program has been exhausted. A time frame has not been determined.