/ Newsroom / New Small Business Loans from Warren County LDC
New Small Business Loans from Warren County LDC
RAPID RECOVERY LOAN PROGRAM FOR SMALL BUSINESSES IN WARREN COUNTY
The Warren County Local Development Corp. has created a new loan program to help small businesses recover from economic hardships due to the COVID-19 pandemic. A total of $200,000 has been allocated for loans of up to $15,000 each with a 4% interest rate.
Repayment of a loan must be within 4 years, with loan payments deferred for the first two months. There is no prepayment penalty.
Eligibility requirements include:
- Applicants must be either sole proprietors, independent contractors, self-employed, or an LLC operating within Warren County. Cannot previously have received Payroll Protection Plan or other loans.
- Businesses must have 20 or fewer full/part time employees.
- Loans may be used for working capital, payroll, rent, utilities, mortgage and monthly expenses.
- No application cost, though a closing fee of up to $125 may be required.
EDC is able to answer your questions. Please see link below for further details.