City of Staunton, SCCF establish business disaster relief loan fund
Staunton City Council has entered into an agreement with the Staunton Creative Community Fund to provide additional resources and support to local businesses impacted by the COVID-19 public health emergency.
The agreement empowers SCCF to establish and administer an Emergency-Disaster Relief Loan Program to complement the ongoing services provided by SCCF to Staunton businesses.
“We appreciate our strong partnership with the Staunton Creative Community Fund and are pleased to work with them to add this emergency relief loan fund to the other resources available to support local businesses during this very challenging time,” said Staunton City Manager Steve Rosenberg. “We encourage businesses to visit our economic development website to learn about all the federal, state and local opportunities that may be available to them.”
The fund has been established in the amount of $100,000.00 to support entrepreneurs/ businesses having a principal place of business and operations within the corporate limits of the City and will be available for 30 days following the date that City Council declares an end to the local emergency-disaster.
Terms of loans to be made available through the fund include the following:
- 0% interest rate
- Term of three years or less
- Principal amount of $1,000 to $5,000
- Collateral and personal guarantees as determined by SCCF loan committee
- Deferral of program loan repayments for up to six months from the initial date of the loan
The City has provided SCCF $10,000 to cover costs associated with technical assistance and administration of the loan fund and $15,000 for loan loss reserves as required by the Small Business Administration.
Interested local businesses should contact Staunton Creative Community Fund at 540.213.0333 or firstname.lastname@example.org for more information.