Small Business Assistance Available for Decatur Businesses Beginning This Week
Small businesses in Decatur will be eligible to apply for the Small Business Loan / Grant Assistance Program beginning Thursday, October 15.
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 a zero-interest loan of up to $10,000, with the potential of having the loan forgiven in 12 months.
“This partnership seeks to put resources in the hands of small businesses who need it the most, keeping people employed, and making sure our City continues its rich history of entrepreneurship and destination retail. People are hurting in our community, and we want to support them,” says the Chamber of Commerce’s Vice President of Development Crystal Brown.
The funds can be used to cover administrative costs including: utilities, rent, mortgage payments, or payroll.
A total of $210,000, 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.
“The reality is COVID-19 has been brutal for many small businesses, which are vital to our community’s economy. The E-Center is excited to help offer funding to support our local businesses and entrepreneurs while laying the foundation for their future growth,” notes E-Center Executive Director John Joseph IV.
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).
“We want this application process to be as easy and streamlined as possible for our small businesses, who have continued to serve our community diligently through these challenging and uncertain days,” says City Senior Grant Administrator Allen Stover.
How to Apply
Small businesses can apply for assistance online (beginning 10/15) 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 Monday, November 30.
For more information or questions, please contact the City of Decatur’s Community Development Department at (256) 341-4690.