Columbia City Council has approved the reallocation of $90,000 in Community Development Block Grant funds for a Microenterprise Recovery Loan Program.
These microloans will provide capital to assist small businesses in maintaining operations during the COVID-19 public health emergency. Assistance will be in the form of forgivable loans to cover eligible expenses (rent, payroll, inventory, operating expenses, and working capital) amounting up to $5,000. Criteria for these microloans include that businesses must have 5 or fewer employees, operate within the City of Columbia, and will be required to demonstrate HUD eligibility requirements of ownership by a low to moderate-income household or at that at least 51% of its employees must meet LMI criteria.
The application process will open on Wednesday, April 15, through the City of Columbia Housing Programs Division’s web-based system, Neighborly.
Listen to Randy Cole’s conversation with The District answering business community questions below.
Follow along with Randy Cole’s conversation through the slides below. Download his slides here.
Additional information can be found on the City of Columbia’s Microenterprise Recovery Loan Program webpage.