Relief Funds for Small Businesses

A new forgiveable loan program can help local business owners get back on their feet after being shutdown during the pandemic

Breakthrough./ // while the pandemic has hit the bottom line for businesses of all sizes... small businesses are especially hurting.

Kimt news three's raquel hellman is finding out about a new ?

"* forgivable loan program available to local business owners.

She joins us live in albert lea to explain how it works ?

"* raquel?xxx katie from restaurants ?

"* to boutiques ?

"* this stretch of south broadway avenue in downtown albert lea is packed with small businesses that have been hit hard by the pandemic.

Local leaders want to make it clear that they're heres to help.xxx so we as in me personally, as in aleap, as in the chamber, as in aleda, as in the city, the county, everybody is here to support them and answer questions.

The city of albert lea ?

"* freeborn county ?

"* and the albert lea economic development agency have each contributed 150?

"*thousand dollars to a new forgivable loan program.

Along with donations from two local banks ?

"* that means there's more than 450?

"* thousand dollars available for small businesses.

Here's how it works.xxx the terms will be for 5 years but there's zero interest, zero payments, and so every year that business stays in business in freeborn county, 20% of the loan will be forgiven so it's essentially a grant and it's free money as long as they qualify and comply with all of the things we need them to do.

To qualify for this program ?

"* a business must have 25 or less employees and be directly impacted by the coronavirus pandemic.

They have to be able to show a loss of 50 percent or more in revenue.

Live in rochester, raquel hellman, kimt thank you raquel.

Applications are due on june 26th.

For more information on how apply ?

"* just head over to kimt dot com and look for this story