DECATUR, Ala. (WAFF) - A new partnership in Decatur brings some exciting offers to small businesses in the area.
Small businesses in Decatur will be eligible to apply for the new Small Business Loan / Grant Assistance Program beginning October 15.
The partnership is between the City of Decatur, the Decatur Morgan-County Chamber of Commerce, and the Decatur-Morgan County Entrepreneurial Center.
The purpose is to present 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 within 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 is available because of recent CARES Act funding.
“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.
So, 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).
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.
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.