Mequon offers emergency loans to small businesses

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Small enterprise homeowners share their tough and complicated journeys in making use of for the Paycheck Safety Program mortgage.

USA TODAY

Small companies in Mequon might be able to obtain a mortgage for as a lot as $15,000 to assist survive the coronavirus pandemic.

The Mequon Widespread Council on April 28 authorised $150,000 in emergency mortgage funds, which would supply 9 loans as much as $15,000 and three loans as much as $5,000. 

The loans have five-year phrases, with funds and curiosity deferred by June 30, 2021, at which level the rate of interest will increase to 1%.

“So many companies are struggling,” Mayor John Wirth stated. “The loans town is providing clearly will not be a full resolution, however they could assist present a bridge that permits a enterprise to outlive or revive.”

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The cash got here from town’s revolving mortgage fund, which has $537,980.

Kim Tollefson, the director of neighborhood growth, stated the emergency mortgage fund might be expanded sooner or later, if the $150,000 is depleted and companies nonetheless want help.

The loans are restricted to companies with 25 full-time equal positions or fewer.

The mortgage program can also be restricted to companies which have been open since at the least Jan. 1, 2019, or companies which have opened since then however have satellite tv for pc areas within the Milwaukee metropolitan space.

The companies should present monetary statements from 2019 and 2020 to show they had been in good monetary situation earlier than the state’s safer-at-home order, which has been in impact since March 25.

The enterprise should certify that its operations have been negatively affected by the coronavirus pandemic.

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Speculative funding firms, actual property funding firms and lending establishments will not be eligible.

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To obtain utility supplies, companies ought to contact Tollefson at ktollefson@ci.mequon.wi.us. The town will start processing purposes on Could 5.

Functions shall be authorised or denied inside 5 enterprise days of receipt, and loans will shut inside 5 enterprise days of approval. 

The Village of Shorewood has additionally arrange a $300,000 emergency business assistance program to present as much as $10,000 to companies harm by the pandemic.

Contact Jeff Rumage at (262) 446-6616 or jeff.rumage@jrn.com. Observe him on Twitter at @JeffRumage or Fb at www.facebook.com/northshorenow.

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Learn or Share this story: https://www.jsonline.com/story/communities/northshore/information/mequon/2020/05/01/coronavirus-mequon-offers-emergency-loans-small-businesses/3055984001/

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