The Wayne County COVID-19 Small Business Loan Program, a collaboration between local city and county leaders, awarded 15 small businesses in Wayne County a total of $331,000 in no-interest loans. The loan program was developed to assist small businesses in the county that were negatively impacted by COVID-19. Denny Burns, Wayne County Commissioner and Chair of the Wayne County Economic Development Revolving Loan Board says the COVID-19 Small Business Loan Program has proven to be a huge success. “Our small business community is struggling just to survive the economic impact of this pandemic. We are proud to know that they will survive and continue to be the lifeblood of our communities.”
Richmond Mayor Dave Snow says local leaders will continue to work together. “This is one more example of our collaborative efforts as community leaders to support our local economy during this difficult time. We will continue to work together to keep Richmond and Wayne County strong and viable.”
Over $500,000 remains in the loan fund enabling officials to offer a second funding round. Paul Lingle, president of the Economic Growth Group (EGG), says members of EGG are pleased to be involved. “It’s easier to support a successful existing business than to create a new one. EGG is proud to be a part of a community effort to help small business during this very challenging time.” Lingle urged the community to continue their support of small businesses in Wayne County.
In round 2 of the loan program, qualified small businesses can apply for up to $25,000 with 0% interest, 6 months of deferred payments, and a 60-month term just as in the first round. Changes in qualifications for round 2 include expanding the number of employees a business can have from a limit of 50 to no more than 150 employees. Additionally, business owners who are not Wayne County residents, but can verify 75% of their employees are residents, will be eligible to apply for funds in the second round. Deadline to apply for round 2 is 5:00 p.m. on Wednesday, August 19th.
Funding for the loan program was made possible through the contributions of the following sources:
- Wayne County Government – $150,000
- City of Richmond – $150,000
- Wayne County Economic Development Revolving Loan Fund – $250,000
- EDC of Wayne County – $250,000
- Economic Growth Group (EGG) – $100,000
(EGG is a private 501 C3 development corporation made up of members from business, finance, utilities, and the community. Members give of their time and resources to help new and existing Wayne County businesses.)
Each entity who contributed funding will be repaid annually based on the percentage of the contribution as loans are repaid.
For more information on the Wayne County COVID-19 Small Business Loan Program, or to apply for a loan, visit: whywaynecounty.com/covidloan.