The New Castle Henry County Economic Development Corp. is offering help to small businesses in its communities as they struggle with the economic uncertainty of the pandemic.
The organization says it is re-purposing its existing Enterprise Loan Fund. It’s intended to help Henry County businesses with fewer than 30 employees to offset losses caused by COVID-19.
The funds can be used to maintain employees and provide PTO for workers.
The EDC says this is a loan program, not a grant, so it must be repaid.
Loans up to $7,000 will be considered with a fixed interest rate between 3.5% and 4.5%. Henry County EDC says borrowers will be asked to pay interest only for the first six months.
Funds are limited, so loans will be awarded based on impact.
The fund was originally created through a partnership with the USDA Rural Business Enterprise Grant program and local resources.
Click here to learn more about the loan program.