Small Business Revolving Loans 06.29.2020
To assist businesses suffering from the effects of COVID-19, the City of Marshall has allocated funds from the CARES Act to create a small business revolving loan program. The initiative of supporting small businesses is a goal that came out of the citizen-driven Mobilize Marshall plan in 2019.
The City of Marshall Small Business Revolving Loans is designed to assist small and emerging businesses with projected gross revenue of less than $1 million and employ 50 or fewer employees. Companies must be located in Marshall to apply. Approved loans will not exceed the available funding in the revolving loan fund account and not exceed $10,000 or 75% of the total project cost, whichever is less. Approval for a small business revolving loan focuses on the character, credit, and reliability of the borrower. No predetermined percentage of equity will be required, nor is adequate collateral a determining factor, but loans will be secured by collateral when possible.
Eligible Loan Purposes:
• Acquisition and development or improvement of land, easements, and rights-of-way. Overhead expenses such as certifications, licenses, advertising, incorporation, insurance, etc.
• Rent and utilities.
• Training, technical assistance, business services (such as web site development, etc.) to increase the capacity of recipients to carry out or broaden services.
• Labor expenses (excluding the owner), business inventory, and supplies.
• Capital or equipment purchases are necessary for business operations.
The Small Business Revolving Loan Program funding is provided through the Community Block Development Grant and a U.S. Department of Agricultural Rural Business Enterprise Grant. The loan application process will begin with a pre-application consultation with City Staff and a completed application with supporting documentation. For more information on the application, please contact email@example.com.