Program offers loans to small firms
Targets businesses hurt by COVID-19
Four months since the first case of coronavirus was discovered in Shelby County, many small businesses are still struggling to return to their normal revenue.
Several local and federal programs have been created to aid businesses of various sizes since the start of the pandemic. This week, River City Capital, in partnership with several banks and the Kresge Foundation, created another for small businesses in low- to moderateincome neighborhoods in need to help.
River City Capital is an affiliate of Community LIFT, an organization that opens access to capital in neighborhoods that have long seen disinvestment.
The new Road to Recovery Initiative is available to small businesses bringing in less than $1 million each year and need help reopening after a full or partial closure due to COVID-19. The program has a $500,000 pool of funds. Individual businesses owners could qualify for up to $12,000 in aid. Of that money, 60% can be forgiven while the other 40% will be a traditional loan that must be repaid at a 4% interest rate.
“It is imperative that small businesses receive the emergency capital needed to not only preserve their business today but to have the resources necessary to succeed in the future once the effects of the COVID-19 pandemic have subsided,” said Michelle Couch, senior vicepresident at Patriot Bank, one of the banks partnering with River City Capital.
For more information about the loan program or to apply for a loan contact Babacar Thaiw at Babacar@communitylift.org, visit rivercitycapital.org/ lending or call River City Capital at 901521-4232.
Desiree Stennett covers economic development and business at The Commercial Appeal. She can be reached at desiree.stennett@commercialappeal .com, 901-529-2738 or on Twitter: @desi_stennett.