Small Business Stabilization Program announced for Lorain

The Lorain County Chamber of Commerce and the Small Business Development Center at Lorain County Community College announced Nov. 6 another collaboration to help small businesses combat the novel coronavirus pandemic, this time with the city of Lorain, according to a news release.

The Small Business Stabilization Program specifically is designed to help Lorain-based businesses prevent, prepare for, or respond to coronavirus and the related economic downturn and recovery caused by it, the release said.

There are two components to this program, the first being a forgivable, nointerest loan designed to help local businesses avoid financial hardship, remain in operation and/or reopen after the state mandated nonessential business shutdown.

The second component is a separate forgivable, no interest loan to protectively retrofit their place of business in accordance with state and county public health guidelines.

Applicants may apply for either one or both components, with a maximum of $10,000 from both program components available.

An application and review process managed by the County Chamber in cooperation with the Small Business Development Center and the city of Lorain will be used to determine eligibility of the program.

“This program represents a monumental step forward for the city of Lorain,” said Mayor Jack Bradley. “This is the first economic development program that the city of Lorain has launched since 2016, and it comes at a critical time for our business community.

“It’s my hope that this program will give relief and provide equity to our small businesses and allow them to weather the economic downturn caused by the COVID-19 pandemic.

“Having additional funding streams for Lorain small businesses to keep them open during this prolonged economic downturn, is vital for local entrepreneurs,” said Tony Gallo, president of the Lorain County Chamber of Commerce. “The County Chamber is excited to work with the city of Lorain and the (Small Business Development Center) at LCCC to make this program available to Lorain’s business community.

“The goal is for the program to be a resource that businesses can leverage to help them survive during the crisis and resume normal operations. It is exciting to see the city of Lorain develop resources to support businesses in their community.”

“Lorain has seen such a resurgence and to be able to sustain that growth is important,” said Lisa Hutson, director of the Small Business Development Center at LCCC. “The SBDC at LCCC is always excited to partner with the Lorain County Chamber on projects that make a positive impact on the community and the city of Lorain Small Business Stabilization Program is one of these.”

The Small Business Stabilization Program application will be available for Lorain businesses starting at 9 a.m., Nov. 9, and available for 30 days on the Chamber’s website and the city of Lorain’s website.