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By LOU WILIN
Loans and other assistance are being offered locally to help businesses operate safely and profitably.
Assistance to implement social media, e-commerce and websites, financial modeling and waivers of permit cafe fees are being offered through a team effort involving the City of Findlay, Findlay-Hancock County Economic Development, Chamber of Commerce, Convention and Visitors Bureau, Hancock Regional Planning, banks and the business community.
Findlay Revolving Loan Fund Board has approved the creation of a new tool: The Findlay Small Business Catalyst Loan, a “micro” loan focused on reducing the risk to businesses during reopening. The loan will allow Findlay businesses to quickly access funds to assist with maintaining and adjusting to the new business environment.
“Not every business qualifies for the (federal) Payroll Protection Program or the Economic Injury Disaster Loan. This loan fund provides some economic relief as our local retailers begin to reopen,” said Jody Combs of RooBarb Studios.
The application is available on the Hancock Regional Planning Commission website at http://hancockrpc.org/rlf/.
The first wave of loan applications must be received by the Hancock Regional Planning Commission by noon Tuesday, with funds anticipated to be provided to the businesses by June 5.
The Revolving Loan Fund Board anticipates having an initial pool of $300,000 in funds. It is willing to put more toward the program, depending on demand. The City of Findlay Revolving Loan Fund currently has a balance of approximately $650,000.
Loan terms include:
• Maximum loan amount is $10,000 per recipient, to be used for operations.
• Loans involve no interest. Payments may be deferred for six months. Loans will have a maximum five-year term.
To qualify for a loan a business must have operated in Findlay since Jan. 1, 2019; quantify its job retention; not be tax delinquent; be a for-profit entity.
Priority will be given to non-essential businesses and/or restaurants; and businesses which can prove financial hardship.
Wilin: 419-427-8413 Send an E-mail to Lou Wilin