Little Falls Businesses have until the end of the day July 29 to apply for a small business emergency loan through the Economic Development Authority (EDA).
“I just wanted to be able to notify people that there was a deadline rather than a dollar amount,” said Mayor Greg Zylka, also a chair on the EDA Board.
So far, the EDA has awarded 62 business emergency funds, with a few more up for review, Zylka said. After reaching and exceeding its goal of granting 60 loans, Zylka said the Board wanted to make an announcement for those who haven’t applied yet.
“Every time I drive through town I look and see, ‘Who did I miss?’ Just so we don’t miss any small business who is in need,” he said.
Businesses can apply for up to $5,000 combination loan/grant, at 0% interest, which can be deferred for up to six months. If the loan holder makes the first 18 payments on time or pays $2,500 of a $5,000 loan, the remaining $2,500 will be forgiven.
“You have to prove that you’ve had significant loss due to COVID, that’s one of the key factors,” Zylka said.
Applications for the loan can be found on the city’s webpage by clicking on Economic Development Authority under the “business” tab.
Another possible assistance program for local business, Zylka said, may come through the city’s $673,000 in funding from the CARES Act.
“We are looking for ways with the CARES Act dollars to do a little more economic development and help some of our small businesses once again to the level that we can,” he said.
The Morrison County Board of Commissioners has also set forth a plan to support small business county-wide with its CARES funding, which Zylka said is great for those who haven’t been able to get funding, “because they deserve help too.”
Zylka hopes the continued support for small business will keep them afloat in these difficult times.
“We want to do everything we can do to help them survive,” he said.