Small Business Loans Available from the Town of Flora – COVID-19 Response

20Apr
2020

Small Business Loans Available from the Town of Flora – COVID-19 Response

The Town of Flora is offering small business loans as a means to help small businesses recover and survive the current effects of the COVID-19 crisis.   Requirements are:

1. The Town Council shall review loan requests up to $10,000.00. Businesses will be selected on an individual basis who will most benefit from this funding.
2. Term shall be 1% interest rate fixed for a period of five (5) years, full repayment by the end of sixty (60) months with no penalty for pre-payment. There shall be no loan origination fee.
3. Eligibility is determined by business operating within the limits of the Town of Flora, current on all taxes, and credit-worthy.
4. Approved uses of the funding include financial hardships due to the COVID-19 crisis, such as capital needs, payroll expenses, preventing staffing reductions, and other critical business expenditures as detailed upon the application.
5. Applicants shall apply to the Town Clerk. Affidavits of eligibility and credit check may apply. Upon review and determination, the Town Clerk and applicant shall prepare and execute loan agreements and documents to finalize the process and prepare for distribution.

Download the loan application below – DUE FRIDAY APRIL 24, 2020

loanapplication

For more information, you can review the Resolution passed by the Town Council: Resolution2020-04 COVID loan