4 years ago by Scott Hardy
$500,000 in loans could start next week
The Quincy City Council has approved a new loan program for the city's small businesses, in the wake of the coronavirus pandemic. Scott Hardy has more.
( Audio 1:39 )
The Council approved an ordinance Monday night that sets up the Small Business Emergency Loan Fund. As expected, the Council waived a second and third reading and passed the ordinance. After the meeting, Quincy Mayor Kyle Moore thanked the City Council, and said that the loans are a bridge to help small businesses get by.
( Mayor Kyle Moore :14 )
The $500,000 fund will be formed using money from the city's Economic Development Loan Fund. Applications should be posted online at the city's website Tuesday morning, and the Fund's Loan committee will meet starting next Wednesday, and will likely start the approval process. Moore says that $10,000 checks could start going out by mid-April. The 18-month loans for small businesses of 2 to 50 people will have only a 1 per cent interest rate. Mayor Moore also announced that the City is instituting a hiring freeze for non-essential positions and a spending freeze. He says it doesn't just apply to the police and fire departments.
( Mayor Kyle Moore :25 )
Moore says that the freeze is the first step of many the city will have to take in the next few months, as the pandemic is expected to impact the city's budget.
