Ps 5 – Metropolis Of Rahway Helps Native Companies With $500Ok loan Applications
Press launch from Rahway Metropolis Corridor:
Jan. 17, 2021
Constructing on the success of Rahway CARES Forgivable loan Program, the place $250,000 in forgivable loans had been offered to small companies, the Metropolis of Rahway and the Rahway Arts and Enterprise Partnership once more have joined forces to financially assist small companies through the financial downturn as a result of extension of the COVID19 restrictions.
Mayor Raymond Giacobbe, the Rahway Metropolis Council and the Rahway Arts and Enterprise Partnership initially created the Rahway CARES (Coronavirus Support, Aid, and Financial Safety) Forgivable loan Program in May of 2020 and had been in a position to distribute extra the $250,000 in forgivable loans to small companies all through the town. To proceed to help native companies through the prolonged restrictions, compounded by the winter season, the Metropolis is constant to supply financial help by allocating a further $250,000 to supply an extension of the CARES Program. Every eligible enterprise will have the ability to obtain as much as $4,000.
“The COVID19 pandemic has wreaked havoc amongst small companies all around the nation and the Metropolis of Rahway is not any totally different. During the last yr, I’ve seen a lot of our native companies battle and sadly some have closed their doorways,” Mayor Giacobbe acknowledged. “It’s my perception that, on the metropolis stage, we now have a accountability to help our small companies in any manner that we will throughout these unprecedented occasions, which is why the Metropolis of Rahway has allotted a complete of $500,000 to the Rahway CARES Forgivable loan Program to financially help small companies.”
Eligible companies should be within the Particular Enchancment District (SID), with 20 or fewer full-time workers and be in enterprise for a minimum of one full yr. Corporations can use the grants for a variety of restoration actions, together with lease funds, operational prices, defraying advertising prices, and protecting worker wages. Nationwide franchises, non-profit organizations, and a few skilled companies are ineligible.
This system is run for the Metropolis of Rahway by the Union County Financial Growth Company, and SID evaluation supplies funds for this system. Help is offered within the type of a forgivable loan. The loan will not be repayable until you progress, promote, or shut your enterprise through the first two years after the loan is permitted.
This press launch was produced by Rahway Metropolis Corridor. The views expressed listed here are the creator’s personal.