Community Living | Coupon | Police Scanner | E-News Signup | Archives | Merchant Directory | Dining Guide
Have a HOT TIP? Call 704-276-6587 Or E-mail us At LH@LincolnHerald.net
Advanced Search
Lincoln Herald | Lincolnton, NC


home : news : business July 6, 2020

4/6/2020 3:57:00 PM
City Announces Small Business Loan Program

City Of Lincolnton
Press Release


A $300,000 loan program to assist City of Lincolnton small businesses impacted by the COVID-19 crisis, specifically intended to assist with operating expenses until state or federal assistance is available or until the economic crisis passes, was announced Monday (April 6th).

The City of Lincolnton has set aside $300,000 for the loan program to assist small businesses impacted by the COVID-19 emergency. Loans of $5,000 per month, up to a total of $15,000, will be paid over three months to qualifying small businesses operating inside the Lincolnton city limits.

This economic support is specifically intended to assist with small business operating expenses until state or federal assistance is available or until the economic crisis passes.

The Lincolnton Small Business Emergency Loan summary information and application are available on the City of Lincolnton website at www.LincolntonNC.org/Loan. All applications must be completed and submitted via the online application form.

Loan applications will be reviewed by a panel of City employees from various departments on Tuesdays each week beginning April 14th,  and loan funds will be distributed on Fridays beginning Friday April 17th once all applicant loan documents and promissory notes are completed and signed.

The loan terms are:

  • 36 months, with interest accruing at 6.75% per annum and are unsecured
  • Loan payments to the City of Lincolnton will be deferred for the first 12 months, but interest will accrue during the deferred period.
  • All loan agreements and terms will be documented by a promissory note as per the city attorney.

Eligible small businesses must have a physical location inside the city limits operating on March 10th when State of Emergency orders were issued, have 50 or fewer employees, must not operate a franchise or chain, and be in compliance with all city planning & business regulations. The full details are at www.LincolntonNC.org/Loan.

“We have a vibrant and growing business community in the City of Lincolnton, and we want to extend assistance to help our merchants bridge the gap during this emergency,” stated City Manager Steve Zickefoose. He continued, “This is a way for Lincolnton to support our merchants and alleviate some of the stress of the COVID-19 health emergency.”

According to Lincolnton Mayor Ed Hatley, these funds “are part of our reserve balance account, which we maintain for emergencies. This is truly a financial emergency for our city businesses and entrepreneurs and our help may make the difference in their long-term survival.”



1 - Alps Mtn - Taking Care Of

CLICK HERE
to have us email you 
the latest news every day--
 
During the COVID-19 pandemic, many newspapers are allowing people to read their online articles without paying for a subscription or a fee.  The Lincoln Herald provides local news online absolutely FREE all the time--we have ever since we began in 2012.  That's another reason why we're the best way to keep up with the latest news for Lincoln, Gaston, Catawba & Cleveland counties.  When you sign up for our FREE email service, we'll also send you an email every day with links to our articles posted since the previous day's email. 

To make sure you get the latest updates, also 'like' our Facebook page at LincolnHerald.net and follow us on Twitter @LincolnHerald20.



1 - First Federal standard ad 550




Article Comment Submission Form
Please feel free to submit your comments.

Article comments are not posted immediately to the Web site. Each submission must be approved by the Web site editor, who may edit content for appropriateness. There may be a delay of 24-48 hours for any submission while the web site editor reviews and approves it.

Note: All information on this form is required. Your telephone number is for our use only, and will not be attached to your comment.
Submit an Article Comment
First Name:
Required
Last Name:
Required
Telephone:
Required
Email:
Required
Comment:
Required
Passcode:
Required
Anti-SPAM Passcode Click here to see a new mix of characters.
This is an anti-SPAM device. It is not case sensitive.
   
























HomeNewsState NewsReligionOpinionSportsObituariesExtrasCommunityClassifiedsSubmitLife

Terms and Use | Merchant Directory | Dining Guide
Site Design and Content
Copyright Lincoln Herald, LLC 2011-2019

 


Software © 1998-2020 1up! Software, All Rights Reserved