An emergency business loan program for Grand Island businesses is being offered by the city of Grand Island, the Grand Island Area Economic Development Corp. and the Central Nebraska Growth Foundation.
The program is being offered to local businesses as many of them look to reopen their doors to Grand Island area customers. Additionally, if the business received a Paycheck Protection Program grant from the federal government, those funds could be reaching the eight-week expiration date.
The Revolving Loan Fund program revises an existing revolving loan fund held by the city of Grand Island and adds matching dollars from the GIAEDC and the Growth Foundation.
The revolving loan fund allows applicant businesses to be eligible for up to $4,500 per retained employee, with a maximum loan of $22,500 per eligible business. Recipients will be eligible for up to 50% loan forgiveness and repayments scheduled as late as 12 months after receiving funds.
The Revolving Loan Fund will have approximately $340,000 to assist in small business sustainability in Grand Island.
Dave Taylor, president of the GIAEDC, said the GIAEDC’s primary focus is recruiting new businesses or assisting in existing business expansion in the Grand Island area.
Taylor said the GIAEDC is altering how it supports Grand Island businesses during this “rocky economic time.”
“Grand Island is the retail, medical and entertainment hub between Denver and Lincoln,” he said.
Grand Island is home to large corporate industries as well as small entrepreneurial businesses.
“All of our businesses, regardless of size and scope, add uniqueness and cultural diversity to the community,” Taylor said. “Each plays a significant role in the high quality of life Grand Island has to offer and we want to support them.”
The city of Grand Island is using Community Development Block Grant (CDBG) funds and revolving development loan funds to help local businesses in partnership with the GIAEDC and the Central Nebraska Growth Foundation.
“We deeply appreciate the beneficial impact of our employers large and small, for the people they employ are the heartbeat of our community,” said Jerry Janulewicz, Grand Island city administrator. “The assistance provided together with our partners will preserve scores of jobs and assist businesses as they navigate through these difficult and trying times.”
Applications are being accepted through the GIAEDC’s secure website at www.grandisland.org.