A total of 56 local small businesses adversely impacted by the pandemic applied for $870,000 in loans under a city-funded program before last week’s deadline.
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. Interest rate after the six-month deferral would be 1%.
Six applicants, however, withdrew their applications or were deemed ineligible because they were located outside the city limits, but were directed to other resources when possible, said Eric Frey, executive director of Administrative Resources association, a nonprofit governmental association that is administering the program.
The amounts requested ranged from $5,000 to $25,000, and more than 40% of the funds requested came from businesses located within the city’s Central TIF District, Frey said.
For more on this story, see Wednesday’s Republic.
