Posted: Oct 15, 2020 / 07:15 PM CDTUpdated: Oct 15, 2020 / 08:52 PM CDT
DECATUR, Ala. — Some much needed financial relief may soon be on the way for a number of small businesses in Decatur, which have had their bottom lines battered by the COVID-19 pandemic.
That financial help will be coming in the form of a new Small Business Loan Program created by the City of Decatur. Thursday, marked the first day the City began accepting applications.
“8 o’clock this morning, we’ve just been busy, so busy, calls coming in, applications coming in, people coming up here to get applications,” said Suzanne Taylor, Decatur’s Grants Administrator.
The program is a partnership between the City of Decatur, The Decatur Morgan-County Chamber of Commerce, and the Decatur-Morgan County Entrepreneurial Center, made possible by $210,000 in federal funding. Restaurants, small retailers, and barbershops are just some of the types of business which will be eligible to apply for a zero-interest loan of up to 10 thousand dollars with the potential to be forgiven in 12 months.
A panel composed of members from the program’s leadership team will be faced with the difficult task of deciding which businesses to offer loans to and for how much.
“We will assess which businesses are in more need and that I really feel will be extremely hard to pick and choose,” said Taylor.
For more information on how to apply and the eligibility standards a business must meet in order to do so visit this link.
The final deadline to get your application in is November 30, 2020.
We’ll have more on Decatur’s Small Business Loan Program coming up on News 19 at 9 on North Alabama’s CW and News 19 at 10.