A revolving loan program intended to help small businesses in the city expand and to help new businesses move here is highly anticipated.
Here’s the proof.
One application already has been submitted, and this week the city has only just begun to seek applications, according to City Manager John Goodwin.
“Hopefully, we’ll get the money out the door to help our small businesses fairly soon,” Goodwin said.
Businesses can apply for as much as $50,000 from a pot of $250,000. The loans cannot be less than $10,000. The interest rate is 2 percent over the life of a loan with a maximum term of five years.
The money has to go toward property acquisition, construction or infrastructure improvements; the purchase of equipment, fixtures and furnishings; and leasehold improvements.
Think of the costs of outfitting a kitchen for a restaurant, for example, Goodwin said.