RAPID RECOVERY LOAN PROGRAM FOR SMALL BUSINESSES IN WARREN COUNTY
The Warren County Local Development Corp. has created a new loan program to help small businesses recover from economic hardships due to the COVID-19 pandemic. A total of $200,000 has been allocated for loans of up to $15,000 each with a 4% interest rate.
Repayment of a loan must be within 4 years, with loan payments deferred for the first two months. There is no prepayment penalty.
Eligibility requirements include:
- Applicants must be either sole proprietors, independent contractors, self-employed, or an LLC operating within Warren County. Cannot previously have received Payroll Protection Plan or other loans.
- Businesses must have 20 or fewer full/part time employees.
- Loans may be used for working capital, payroll, rent, utilities, mortgage and monthly expenses.
- No application cost, though a closing fee of up to $125 may be required.
EDC is able to answer your questions. Please see link below for further details.
