The Kansas Department of Commerce created a $5 million Hospitality Industry Relief Emergency Fund on March 20, 2020 to supply bridge loans to hospitality trade businesses in Kansas. The fund was depleted within hours of accepting its first purposes. Zero-interest, 36-month loans of up to $20,000 were available, with loan payments deferred for 4 months. Decisions on loan purposes were made within seventy two hours, and funds were transferred to businesses inside forty eight hours of approval.
Small Business Funding: In Review
On April 16, the City of Gibson launched an $80,000 C-19 Small Business Loan Program, offering $2,500 loans to as much as 32 small companies. To qualify, businesses must have 10 or fewer workers, be deemed non-important, and have been in business earlier than January 1, 2020. Loans are curiosity-free, and compensation is deferred by six months, after which businesses will repay the City $one hundred per month.
The mortgage program is intended to offer bridge financing, with debtors making use of for other assistance to repay the loan inside one 12 months. Should a small business borrower not discover other help, the loan shall be renewed for 4 years, at 5 p.c interest.
The Kennebec Valley Downtown Relief Fund presents grants of up to $three,000 to companies in downtown Augusta and downtown Gardiner. Grants must be used for payroll, utilities, lease/mortgage, and different bills incurred whereas businesses are closed or working under pandemic-associated constraints.