By Andy East
The second round of a city-funded loan program for small businesses in Columbus impacted by the COVID-19 crisis has gotten off to a slower start than the first round.
As of Tuesday morning, two local small businesses had applied for $50,000 in loans during roughly the first week after the city opened the second round of applications.
By comparison, 15 small businesses applied for loans the first day the city opened the initial round of applications in April.
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%.
The deadline for the second round of applications is Sept. 30. Loan applications will be considered on a first-come first-serve basis, and city officials expect approved funds will be disbursed during the first half of October, said Robin Hilber, assistant director of community development for the city of Columbus.
The two applicants during the second round did not receive any loans during the initial round of applications, said Eric Frey, executive director of Administrative Resources association, a nonprofit governmental association that is administering the program.
For more on this story, see Wednesday’s Republic.
