In response to COVID-19, Decatur City Commission considering small business loan program
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Decatur, GA – The Decatur City Commission is considering loaning local businesses money with generous terms to help them recover from the economic damage caused by the COVID-19 pandemic.
The small business loan program is on the agenda for the City Commission’s April 6 meeting. People who want to participate in public comments via Zoom can register by clicking here. To watch the meeting, which begins at 7:30 p.m., click here.
The proposed Emergency Small Business Loan Program is a joint effort of the city, the Decatur Development Authority, the Decatur Business Association and the Decatur Legacy Project. The program will provide up to $500,000 in no interest or nominal-interest loans for eligible local businesses. The maximum loan amount would be $25,000, but the average loan amount would be $10,000 to $15,000.
Qualifying businesses would have 25 or fewer full-time employees. The loan terms would be 36 to 60 months and can be unsecured or secured with a personal guarantee.
Deputy City Manager Hugh Saxon in a memo to City Manager Andrea Arnold said, “We are developing criteria to use in making loan decisions and are identifying a financial services partner to provide technical support and to service the loans.”
The initial funding would be provided with a $400,000 appropriation from the city’s general fund balance. The community will be able to make charitable contributions to the effort through the Legacy Project nonprofit organization. Individuals, corporations, institutions and others can make contributions to help local businesses through the loan fund.
To see the full agenda for the April 6 meeting, click here.
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