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The original item was published from 3/30/2021 8:48:00 AM to 4/30/2021 5:05:02 PM.

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Posted on: March 30, 2021

[ARCHIVED] CDBG COVID-19 Small Business Relief Loan Program Round 2

CDBG COVID-19 Small Business Relief Loan Program

The City of Moline has launched the COVID-19 Small Business Relief Program Round 2 to assist small businesses that have been negatively impacted by COVID-19.  The COVID-19 Small Business Relief Program Round 2 will be using approximately $65,000 in Community Development Block Grant funds that were awarded under the CARES Act to provide much needed capital to small businesses in an effort to retain jobs and stabilize Moline businesses. Assistance will be provided to eligible businesses in the form of a forgivable loan.  The loan will be forgiven in three months as long as certain conditions are met. The “forgivable” feature of the loans rest on the ability of the small business borrower to remain operational for three months after receipt of the funds and retain at least one job that is held by those of low or moderate income (full time equivalent), meaning those earning less than 80% of the annual Area Median Income (AMI).   In Moline, the annual AMI for a single person is $42,250.  

 

Please note:  There is a potential that additional CDBG CARES Act assistance may be available in early Summer 2021.  Indications are that assistance will be in the form of $10,000 forgivable loan.  It is also anticipated that veteran, disabled, minority and woman business owner’s will be given first preference.  If this future assistance program comes to a fruition, then any business awarded a forgivable loan in this round of assistance will not be able to receive a forgivable loan under the 2021 Summer program.     

The maximum forgivable loan is $5,000 per business. At the time the funds are awarded, the business must meet the federal CDBG national objective of 51% or more of the workforce must be part of a low to moderate income household.

Completed applications will be reviewed by the selection committee. Applications will be accepted beginning March 30, 2021, through April 30, 2021, (5:00 pm central time). Applicants may submit their application on the 
City’s FORWARD Platform https://forward.livestories.com/loginemail their application to kwhitley@moline.il.us or mail (postmarked by April 30,2021) to:

City of Moline
Community & Economic Development Department
CDBG COVID-19 Small Business Relief Program Round 2

619 16 Street

Moline, IL  61265

Questions can be directed to Community Development Manager, KJ Whitley, at (309) 524-2044 or kwhitley@moline.il.us.

For more information or for a PDF copy of the application, please see the links below.

Application

Program Guidelines

Checklist

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