Mayor Jim Strickland announced that micro-loans are going to be available for Memphis business owners.
“Our small businesses have been hit hardest by this pandemic,” the mayor said. “To help ease the burden, we have the created two micro-loan programs intended to assist Memphis businesses experiencing hardships during the COVID-19 pandemic,” he wrote in a Facebook message.
CLICK HERE TO FOLLOW THE MIGHTY 990 ON FACEBOOK – THE MID-SOUTH’S CONSERVATIVE BLOW TORCH!The City’s Division of Housing & Community Development and Office of Business Diversity & Compliance are partnering on the Small Business Resiliency (SBR) loan fund, which will offer loans from $5,000 to $35,000 and will delay repayment for 90 days. Applicants must show proof of being denied by the Small Business Administration or an SBA lender. They must be located within a distressed community within Memphis, be in business for at least three years, and must be certified with the City’s Office of Business Diversity & Compliance.
The funds for the program are from the US Department of Housing and Urban Development (HUD) Community Development Block Grant (CDBG) Program.
The Economic Hardship Emergency (EHE) loan fund will offer loans from $2,000 to $5,000 and no interest for six months.
Businesses and their owners must be located within the City of Memphis, have less than $1 million in annual revenue, be in business for at least three years, and be certified with the OBDC.