LIMA — The City of Lima launched a new program known as the Historically Disadvantaged Microenterprise Loan. On April 10, Lima City Council approved an ordinance passing the new program through the city. Starting Monday applications are being accepted by the city.
“During our State of the City address, it was announced that small business loans would be released this year and I’m here to announce the first one,” said Amber Martin, Small Business and Workforce Development Coordinator. “The historically disadvantaged micro-enterprise loan will be opening today for applications.”
Small business owners in the city who have five or fewer employees are eligible. The business is also required to have operated for at least six months and a revenue of at least $10,000. According to a recent press release, the forgivable loan is for one year with a zero percent interest rate of up to $5,000. The release also said one of the owners of the small business must have a household income below 80% of the median income.
”This loan is available for small businesses that run for a profit,” said Martin. “It is forgivable financing. The program serves minority-owned, women-owned, veteran-owned and disabled-owned businesses operating within the city. Businesses may apply for the loan on an application that can be found at our front desk here at the city or online or by email.”
According to the ordinance, the loan program will utilize ‘unused’ CDBG (Community Development Block Grant) funding.
“The allowable costs are on the application but it can be used for expanding a business and adding to the business,” said Martin.
For more information reach Martin at 419-223-7281 or [email protected].
Reach Precious Grundy at 567-242-0351.
