Small businesses in Decatur will be eligible to apply for the Small Business Loan / Grant Assistance Program beginning Wednesday, February 16.
About the Small Business Loan / Grant Assistance Program
A partnership between the City of Decatur, the Decatur Morgan-County Chamber of Commerce, and the Decatur-Morgan County Entrepreneurial Center, the initiative extends an opportunity for local businesses impacted by COVID-19 to apply for a zero-interest loan of up to $20,000, with the potential of having the loan forgiven in 12 months.
The funds can be used to cover administrative costs including: utilities, rent, mortgage payments, or payroll.
A total of $150,000, made possible through federal dollars secured by the City of Decatur’s Community Development Department through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, will be available. In 2020, 20 small businesses were funded through these efforts, and, last year, an additional 25 small businesses benefited from the program.
Who can apply?
Eligible businesses include restaurants, hotels, coffee shops, health clubs, and other retailers with less than 25 employees. The businesses must have been in operation for at least one year prior to March 13, 2020 – the day Governor Kay Ivey issued the first State of Emergency for COVID-19.
In order to qualify for assistance, either the business owner or more than 51 percent of the employees must qualify as receiving a low or moderate income (LMI).
“From supply chain issues to soaring prices for raw materials and goods, the past few years have been very trying for all of our small businesses. We are so thankful for the perseverance and resolve that our small businesses have shown during this time, and we want to help them in any way we can,” says City of Decatur grant administrator Susanne Taylor.
How to Apply
Small businesses can apply for assistance online or pick up a packet at Decatur City Hall or the Chamber of Commerce. All businesses must complete and submit a W-9 form as part of the application process.
Packets will include a forgiveness provision where if the business sustains the same number of employees after 12 months, the loan will be forgiven.
Applications must be received by March 25, 2022.
For more information or questions, please contact the City of Decatur’s Community Development Department at (256) 341-4960.
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