Help is here for small businesses to stay afloat during the COVID-19 crisis.
On March 20, the Kansas Department of Commerce announced the CDBG program is allowing immediate use of local CDBG revolving loan funds monies to help support the working capital needs of the existing small businesses.
Although some of the requirements have been lifted, funding is to be based on job retention of which 51% must be LMI (low- and moderate-income persons), and the business must provide a letter stating the company is either shut down or will be shut down because of COVID-19. Not-for-profit businesses are eligible for these emergency funds.
The normal public hearing notice per loan has been lifted and Commerce is allowing a single Public Notice of Fund Availability that can be posted at the County Courthouse/City Hall or through social media such as a website, local radio or tv, Facebook etc. No financials, matching funds or collateral are required.
The term of the loan is three years or less with an interest rate below four percent.
All applications must be presented to the City of Ottawa. Wynndee Lee, director of community development for the City of Ottawa, can provide assistance with the process. Submit applications or questions by email and follow up with a hard copy.
Drop box or mail to:
Ottawa City Hall
Attn: Wynndee Lee
101 S Hickory St,
Ottawa, KS 66067