Obtain the Assistance You Want for Your Enterprise

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Acknowledging the significant impact regarding the COVID-19 pandemic on the neighborhood small company community, the Lancaster City Council has directed the issuance as high as $2,000,000 in loan funds to aid smaller businesses in Lancaster through the Stand intense Business healing Loan Program.

The facts?

Stay Strong offers low and no-interest loans of $5,000 to $20,000 to small enterprises in Lancaster impacted by the COVID-19 pandemic. Funds are meant to 1) help businesses adversely relying on COVID-19 in keeping viability during and beyond the outbreak, and 2) help those undergoing mandatory closures in recommencing operations following outbreak’s conclusion.

That is qualified?

To be able to be eligible for the system, companies must:

  • Be separate, locally-owned smaller businesses whoever main company procedure is situated inside the Lancaster City limitations
  • Are typically in procedure in Lancaster for at the very least year at the time of March 17, 2020 (the date the Lancaster City Council ratified the statement of the State of Emergency)
  • Have actually yearly revenue that is gross of3.5 million or less
  • SIGNIFICANT – PLEASE STUDY BEFORE APPLYING: the next businesses aren’t qualified to take part in this system: smoke shops/cigarette stores, hookah lounges, pawn stores, payday loan providers, alcohol shops, adult entertainment enterprises, massage establishments, gambling establishments, and home-based organizations .

Exactly what can the funds be properly used for?

Loan funds must certanly be used for working money costs such as for instance lease, payroll, resources, crucial solutions, and necessary materials to aid with business continuity and data data recovery.

Which are the loan terms?

Organizations may pick 1 of 2 loan choices:

  • Choice 1: 0% interest for a phrase of six months to at least one 12 months
  • Choice 2: adjustable rate of interest corresponding to the City of Lancaster Portfolio Yield for as much as five years; in no event will the price exceed 3%

Loan payments are due quarterly, without any prepayment penalty.

Just just How will funds be granted?

Loan amounts will soon be determined centered on need expressed through the Statement of anticipated Fund utilize and healing Plan presented using the application.

As funds are restricted, loans will likely to be awarded on a basis that is competitive with prioritization on the basis of the following requirements:

  1. Effect of Mandatory Closures – the continuing company is straight impacted by the closures and/or restrictions mandated by Los Angeles County.
  2. Require – The company shows a necessity when it comes to loan, and it has earnestly taken other actions to make certain company continuity and/or recovery.
  3. Community – the company is a little, locally-owned, entrepreneurial company, which gives a payday loans in Arkansas distinctive experience or service to residents.
  4. Viability – The business’s economic statements mirror a stable company that, however for the impact of COVID-19, is in a position to continue operating.
  5. Contribution – the business enterprise absolutely plays a role in the synergy of this area that is commercial which it really is found.
  6. Ownership – Independent, non-chain, non-franchised organizations will likely be provided very first concern.

Just how do I use?

So that you can qualify, organizations must:

  • Show that historical earnings had been adequate to program the requested debt and have now been relying on the COVID-19 outbreak.
  • Principal company owner(s) should have reasonable and accountable individual credit score and a satisfactory description for almost any derogatory marks. Bankruptcies and financial obligation write-offs must certanly be at the very least year old.
  • All business people who hold 20% or even more ownership must guarantee the mortgage.
  • Submit the next papers via our protected online portal:
    • Complete application for the loan
    • Company tax statements (one year)
    • Revenue and loss declaration showing operating that is monthly and profits (half a year)
    • Individual taxation statements (12 months)
    • Bank statements (a couple of months)
    • Statement of Expected Fund Use (optimum 1 web page)
    • Healing Plan (optimum 1 web web web page)

Program Policies & Treatments

Just click here to look at the program that is complete and procedures.

Applications

Applications and supporting materials can be submitted via a protected portal at the after website link.

Note: Please make reference to eligibility requirements above to make sure that your company is qualified ahead of using.

Just how long will the system final?

This program will stay in place until December 31, 2020 or until funds are exhausted, whichever does occur first. Companies are motivated to use early to improve the reality that funds will likely to be available upon application.

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