Small enterprise house owners in Birmingham can now apply for emergency loans via Birmingham Sturdy, a mortgage fund for these dealing with layoffs or different main monetary burdens from coronavirus-related closures.
Licensed for-profit companies with fewer than 50 staff inside the Birmingham metropolis limits which have been working for at the very least one 12 months are eligible.
Loans of $10,000 to $25,000 can be found. The loans are interest-free for 180 days. After that, a 24-month fee plan begins. Right here’s the compensation construction:
- $25,000: 3% curiosity after 180 days
- $20,000: 3.5% curiosity after 180 days
- $15,000: 4.0% curiosity after 180 days
- $10,000: 5.0% curiosity after 180 days
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Loans have to be used to in payroll or to keep away from employees cuts, sustaining enterprise operations or funding a enterprise mannequin reconfiguration in response to COVID-19.
The deadline for the primary spherical of purposes is 11:59 PM CDT March 27. Officers say a second spherical of purposes may open if funds can be found.
Companies might be notified on April Three if their mortgage utility was accredited or rejected. Mortgage paperwork might be signed and checks disbursed from April 6 to 15.
The mortgage fund is operated by the Group Basis of Higher Birmingham. The Birmingham Metropolis Council accredited $1 million for the mortgage fund final week. An extra $200,000 from Birmingham’s Workplace of Innovation and Financial Alternative is anticipated to be accredited for the fund this week.
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