Community Futures is now offering recovery loans to support businesses that are being negatively impacted by the COVID-19 outbreak. This loan program is available to those who have attempted to access other federal programs (i.e. CEBA) and were ineligible, rejected, or require additional funding for expenses in excess of support already received. To be eligible, your enterprise must have been impacted adversely due to COVID-19, established prior to March 1, 2020, and been financially viable prior to the pandemic.
Here are the details:
- Maximum assistance will be $40,000
- 0% interest
- No principal payments until December 31, 2022
- Principal payments can be voluntarily made at any time
- 25% of any loan can be forgiven (not to exceed $10,000) provided the recipient has paid 75% of the original loan amount prior to December 31, 2022
If the recipient is unable to repay the loan by December 31, 2022, the loan will be converted to a three-year term loan with interest rates up to 5%, effective January 1, 2023. The full balance must be repaid no later than December 31, 2025.
For more information please visit Community Futures.
Economic Development staff hosted a webinar on Friday, May 15th. Dominique Jones from Community Futures provided more details on the loan program. Additional information on the re-opening of the economy and some of the available tools to support your business was also provided. Watch the recording.