BIRMINGHAM, Ala. (WBRC) - The coronavirus is creating economic uncertainty globally and impacting some of our local businesses.
Birmingham City leaders are working to provide 0% interest loans for small businesses with fewer than 50 people, to help them withstand the the economic impact of the coronavirus.
The pandemic has stopped some companies from getting the materials they need from China to complete their daily work and for others they’ve had slower foot traffic because people are staying home to avoid crowds.
“We’re working with civic and private partners to launch an economic resilience fund, so small businesses can remain and workers can keep our economy moving,” said Mayor Randall Woodfin.
City leaders say they’re working with private investors to raise money to distribute the short-term loans. City leaders stressed that although this is a time to be careful, it’s not a time to panic and stop shopping locally.
“So that we can make sure we bridge companies through these tough times. Our goal is to make sure we keep workers employed and we keep doors open to key businesses,” said Dr. Josh Carpenter, Economic Opportunity and Innovation Department.
You can donate to the economic resilience fund now. Contact the Community Foundation of Greater Birmingham. The city says they will release more information on the distribution in the coming weeks.