City of Richland Offers Small Business Stabilization Loans
The City of Richland will be utilizing Community Development Block Grant (CDBG) funds to offer a new Small Business Stabilization Loan to local businesses. Qualifying Richland businesses will employ less than twenty (20) employees, hire one full-time equivalent job, and retain the position for at least 12 months. Other conditions apply and can be found on the program website. Funds will be awarded on a first-come, first eligible basis until the fund is exhausted.
The program will begin receiving applications at 8:00 a.m. on Friday, May 1, 2020, and close at 5:00 p.m., Sunday, May 31, 2020, or when all funds have been awarded.
The City responded to the COVID-19 pandemic by quickly mobilizing this new program to utilize redirected CDBG funds where possible. The fund will also be infused with stimulus dollars coming to the City from the Department of Housing and Urban Development via the CDBG program and the Cares 3.0 stimulus bill.
More information and the application can be found at www.richlandbusiness.com.