Salt Lake Metropolis has unveiled an emergency mortgage program for small companies to allow them to hold going at first days of the COVID-19 disaster.
The utmost quantity supplied could be $20,000 with zero curiosity over a five-year time period. All funds could be deferred till 90 days previous the expiration of the Mayor’s emergency declaration.
One long-time native enterprise proprietor, Stacey Maxwell of Millcreek Espresso Roasters, says she thinks it’s a fantastic concept.
“It’s going to be a lifesaver for some companies to attempt to make it by means of this difficult time,” mentioned Maxwell.
She doesn’t plan to use for the loans, considering they’ll make it by means of a lean month or so, although enterprise is down dramatically.
“We in a single day misplaced about 75 % of our enterprise,” mentioned Maxwell.
She mentioned essentially the most painful a part of the expertise is that shedding enterprise means having to put off staff and in the reduction of hours for others.
“It is so necessary to get the phrase out that native companies need assistance, and if folks have the means to take action to step up and do what they’ll,” Maxwell mentioned.
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