Moline micro-businesses seeking to take part in the city’s second round of forgivable loans now have until Tuesday, June 7, to apply.
The city extended the application deadline for Round 2 of its American Rescue Plan Act-funded forgivable loans to help even more small businesses in the city recover from the economic downturn brought on by the global pandemic. Already, nearly 20 businesses have taken advantage of the new program, which is being funded with $250,000 in federal ARPA support, the city said in a news release.
The COVID-19 Micro Business Forgivable Loan Program offers up to $10,000 to Moline businesses to assist them in remaining open and operational.
Approved loans will be forgiven in three months as long as certain conditions are met. The “forgivable” feature of the loans rests on the ability of the borrower to remain operational and/or open for three months after receipt of the funds.
Full details on the program can be found here. In addition, questions can be directed to Moline Community Development Manager KJ Whitley at (309) 524-2044 or firstname.lastname@example.org.
Applicants may submit their application on the city’s website or email their application to email@example.com. Mailed applications must be postmarked by June 7 and mailed to: City of Moline, Community & Economic Development Department, COVID-19 Micro Business Forgivable Loan Program 6, 619 16th Street Moline, IL 61265.