Small Business Assistance Available for Decatur Businesses
Small businesses in Decatur will be eligible to apply for the Small Business Loan / Grant Assistance Program beginning Monday, August 2.
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 $353,000, 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.
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 are so thankful for our small businesses who do so much for our city – from sponsoring Little League games to having those special gifts in stock that you just can’t find or order anywhere else. COVID has made life so unpredictable, and we want to ensure that our local business community can easily apply for assistance,” 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 Thursday, September 30.
For more information or questions, please contact the City of Decatur’s Community Development Department at (256) 341-4967.