A city-funded loan program for small businesses in Columbus impacted by the COVID-19 crisis has gotten off to a quick start, with 15 local small businesses applying for loans on the first day.
The program, called Columbus INvigorate, allows small businesses within the Columbus city limits the opportunity to apply for a loan ranging from $5,000 to $25,000. The loans have a six-month deferral of interest and principal payments on the three-year terms. The loans do not require collateral but require a personal guarantee from applicants, city officials said. Interest rate after the six-month deferral would be 1%.
The deadline for the first round of applications is 4:30 p.m. April 30, city officials said. All applications received before the deadline will be considered filed at the same time.
“I was thinking that we’d see somewhere around 10 to 15, so this is probably a little bit on the higher side of what we expected,” said Eric Frey, executive director of Administrative Resources association, a nonprofit governmental association that is administering the program.
For more on this story, see Friday’s Republic.
