City of Lynchburg creates Business Loan Recovery Program for small businesses
Small businesses took a hit when they were forced to close their doors due to the pandemic.
The Economic Development Authority voted to allocate about $250,000 of their Revolving Loan Fund to create a Business Recovery Loan Program.
This money helps small businesses in Lynchburg that have suffered greatly over the past few weeks due to COVID-19.
According to Director Marjette Upshur, 69 percent of the city’s businesses are nine people and under.
This loan can go toward rent, utilities, payroll, or wherever the business feels the money would be best spent.
“This has really been traumatic for a lot of them,” Upshur said. “We just want to make sure that along with the state and federal assistance that they know that they have local assistance as well.”
The loan amounts range from $5,000 to $25,000.
To learn more, check out the whole article below.