BIRMINGHAM, Ala. (WBRC) - The following is a statement from the City of Birmingham concerning the $1 million loan program approved by the city council to aid small business during the coronavirus crises:
The deadline for Birmingham small businesses to apply for the BhamStrong emergency relief loan is Friday, March 27 at 11:59 p.m. CST. Eligible businesses must have been affected by COVID-19, have 50 employees or less, be located in Birmingham and have a Birmingham business license.
The City of Birmingham has allocated $1.2 million to the BhamStrong loan fund, which was established after many businesses expressed a need for assistance with COVID-19 economic losses.
The Birmingham Business Resource Center will administer the program, which is designed to immediately support small businesses that need capital to limit reductions in payroll or staffing, maintain operations or fund business model reconfigurations in response to the affect of COVID-19.
“Small businesses are the backbone of our city,'' said Mayor Randall L. Woodfin. "They generate economic value, but they are also the pride of our families, the gathering places of our neighborhoods, and the institutions that shape the quality of life we all enjoy. We know that COVID-19 is affecting them, and we want to help.''
Loans range from $10,000 to $25,000, and come with zero interest for 180 days. After 180 days, here's information on the interest rates for the different loan sizes:
- $25,000: 3% interest after 180 days
- $20,000: 3.5% interest after 180 days
- $15,000: 4.0% interest after 180 days
- $10,000: 5.0% interest after 180 days
For more information and to request a loan application or assistance in completing the loan, please visit #BhamStrong Loan — #BHAMSTRONG