Richmond creates disaster loan program for small businesses impacted by coronavirus

Richmond

RICHMOND, Va. (WRIC) — Small businesses in Richmond can receive an interest-free emergency loan of up to $20,000 from the Richmond Small Business Disaster Loan Program, a new program created Thursday by the city’s economic development authority in order to assist businesses hit hard during the coronavirus pandemic.

The maximum loan amount will be either $20,000 or six months of current employee wages, depending on which one is less. The loan is meant to help small businesses keep their employees on their payroll and continue operating.

“Small businesses have made Richmond the thriving culture capital we love,” Mayor Levar Stoney said in a statement. “They’ve been understanding, patient and selfless in adapting to the recent social distancing guidance, no matter the economic consequences for them. This loan program is one way we can help provide some relief and support in this tough time.”

Repayment of the loans from the program will be deferred for six months, the city said Thursday, and come with 48 months of no-interest payments. Businesses interested in getting a loan from the program can fill out an application, which will be available April 6.

Stay with 8News for updates.

LATEST HEADLINES:

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

StormTracker 8

Don't Miss

More Don't Miss

Local Events