PORTAGE COUNTY COMMISSIONERS COVID-19
RE-START ASSISTANCE LOAN PROGRAM
In an effort to assist those businesses preparing to re-start their business after the government mandated shutdown, the Portage County Commissioners are offering working capital loans to assist small businesses re-start operations.
These loans are 24-month amortized repayment period at an interest rate of 2% with an initial 3-month deferral of principal and interest.
- Taxes must be current through 3/31/20
- Borrower must be able to demonstrate, based on the previous 2 years tax returns or financial statements, that payments can be made at a minimum DSC of 1:1.
- Borrower must provide a detailed description of the use of funds.
- Minimum of 1 LMI Job Retained (Business owner does not qualify)
- Collateral will be a UCC filing on all business assets, or for longer terms, Real Estate.
- Personal Guarantees of all owners with more than 20% ownership are required.
Businesses will be eligible for up to $10,000 in Economic Development Revolving Loan Funds for working capital to restart their businesses.
Interested businesses should contact: