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HUDSON, OH (May 6, 2020) – On Tuesday, Hudson City Council continued a discussion about creating a Small Business Recovery Loan program to support merchants as they begin to reopen.
The Recovery Loan Program would commit $300,000 toward a two-part loan program offering loans to a limited number of qualifying businesses that have been economically disadvantaged by the COVID-19 pandemic. All funding provided through the program would be for furthering economic development, preserving employment opportunities for Hudson residents, and preserving the operations of Hudson’s small businesses during a time of need and emergency.
The loan program consists of two parts. Eligible businesses could apply for one of the two parts. The Part A Reopening Loan would provide for essential costs to reopen with loan amounts not to exceed $10,000 per business. The maximum amount allocated for Part A would be $200,000. The Part B Micro-Loan would provide shuttered small business assistance in re-opening requirements with loan amounts not to exceed $3,000. The maximum amount allocated for Part B would be $100,000.
To administer the loan program, by law, the City would use the previously established Community Improvement Corporation (CIC). Council will be discussing utilization of the CIC and its current membership at next week’s Council Workshop, with the anticipation of voting on a resolution to implement the loan program at the next Council meeting.
Additional details will be forthcoming as the program administration, eligibility, and application procedures and deadlines are established.