Our agency is utilizing some of our small business revolving loan funds for emergency loans for non-essential small businesses that continue to incur expenses. The funds will not be able to be used to provide for wages or benefits. CAA has been administering small business loan programs for over 15 years. As businesses that receive loans pay off their balances, we place the principal payments back into the revolving loan fund to assist another small business in Columbiana County.
We currently have $50,000 in funds that we would like to make available to those struggling during the COVID-19 pandemic. Although we have the flexibility to create this new type of loan fund, we must continue to utilize the loan fund guidelines surrounding such things as household income limits and number of employee limitations. We recognize that many small businesses classified as non-essential were required to close their doors due to Ohio’s Medical Director’s Stay Home Order but still have overhead costs. We anticipate a quick turnaround for loan disbursement to reduce the stress and financial burden these businesses are experiencing.
The application can be downloaded at our website at www.caaofcc.org or individuals may call 330-424-4013 to have one mailed.
The following is the program summary along with the guidelines.
CAA of Columbiana County Small Business COVID 19 Emergency Loan Program
The Community Action Agency of Columbiana County, Inc. is utilizing small business revolving loan funds to assist small businesses that have been required to close due to classification as a non-essential business during Covid-19. A total of $50,000 is available to loan out to small businesses that meet the requirements noted below. CAA is waiving all application and loan fees for this program and is an Equal Opportunity Lender. Applicants that meet all of the criteria and provide all of the requested documentation will be reviewed on a first come, first serve basis. Loans that are secured with collateral will be set at 0% interest at a fixed rate for three years. Loans that are not secured with collateral will be set at 1% interest at a fixed rate for three years.
- Maximum loan of $5000 and minimum of $1000
- Must be a Columbiana County Non-Essential Business that had to close due to the Governor’s order and is still incurring business related expenses.
- Business must be located in Columbiana County
- Must have filed taxes as a business in 2019 reflecting positive business income
- Credit score of a minimum of 650 for the applicant.
- Maximum of 5 full time equivalent employees during regular business
- Must be current on child support obligations
- No payments on loan for 90 days after the loan closing.
- Owner must have a household income at or below 80% of the poverty guidelines
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