Wayne County COVID-19 Small Business Loan Program: Round Two

The Wayne County Economic Development Revolving Loan Board is re-purposing a portion of its revolving loan funds to be able to offer loans to small businesses in response to the COVID-19 pandemic. With additional support from the Economic Development Corporation of Wayne County, Wayne County Government, City of Richmond and a group of private investors that make up the Economic Growth Group, we have pooled $900,000 to loan to small businesses located in Wayne County that have been negatively impacted by COVID-19. After Round One of funding, $569,000 remains to be loaned in Round Two.

Applications are not being accepted at this time. 

Download Application
Please download the application and save the PDF prior to filling out.


Loan Program Details:

  • Applicants can request up to a $25,000 loan to be used for rent, mortgage, utilities, supplies, equipment, insurance, inventory, labor costs, and other operating expenses
  • 0% interest
  • All loan origination fees have been waived
  • 60-month loan term
  • 6 months deferred payments followed by up to 54 months to repay the principal


  • Business must be for-profit
  • The business must be physically located in Wayne County and subject to payment of Wayne County taxes.
  • If the owner of the business does not reside in Wayne County, at least 75% of the business’ employees must reside in Wayne County and verification must be submitted with the application.
  • The business must be current on all property and payroll taxes
  • As of March 1, 2020 the business should have no more than 150 employees, but applicants with slightly more employees will be considered if great need is demonstrated.
  • A list of ineligible businesses can be found here.
  • Applicant must be able to demonstrate that the business has experienced significant financial challenges due to COVID-19.
  • Businesses that applied and received funding in Round 1 are not eligible for a second loan.


Required Information:

  • Must complete the application in full found here.
  • Provide a current credit score for each business owner.
  • Provide Profit and Loss Statements for 2018, 2019 and 2020 (May substitute tax returns for 2018 and 2019 if preferred)
  • Provide a current Balance Sheet
  • IF the business owners do not reside in Wayne County you must provide a list of current employees with their city or town of permanent residency and the total percentage of the workforce living in Wayne County.
  • The owner(s) will be required to sign a personal guarantee of repayment of the loan.


Applications are due by 5:00 pm on Wednesday, August 19, 2020. Funding is not guaranteed as this will be a competitive process.

The completed application should be submitted via email to Theresa Lindsey at theresa@whywaynecounty.com along with all supporting documentation requested. Questions can be sent to the same email address or by calling Theresa at 765-983-4769 Monday-Friday between the hours of 8:00am – 5:00 p.m. Please download the application and save the PDF prior to filling out.

If you are in need of Personal Protective Equipment (PPE), please visit the Richmond & Wayne County Marketplace.