For Immediate Release
DATE: October 14, 2020
CONTACT: Christine Jarski, (541) 962-1307; firstname.lastname@example.org
CITY OF LA GRANDE ANNOUNCES 1% LOANS FOR LA GRANDE BUSINESSES
La Grande, OR – The City of La Grande has received funding from Business Oregon to provide grants to small businesses and 501 (c) 3 non-profit organizations that have been negatively impacted by COVID 19. Applications are available in the Blog section at Ignitemybusiness.org at this link: https://ignitemybusiness.org. Each grant has restrictions that may apply.
Small Businesses, sole proprietors and non-profits that are low-to-moderate income or have employees who are low-to-moderate income (less than $34,000 a year in Union County) may qualify for the Small Business and Microenterprise Grant Program. It is located at this link at the Ignitemybusiness.com website: https://ignitemybusiness.org/en/blog/read/1369342980/small-business-and-microenterprise-grants.
The City also still has Emergency Loan Funds of up to $10,000 available for qualified businesses impacted by COVID-19. The loans have a 1% interest rate on a 48-month term. There are deferred payments and interest for the first six months of the loan and months 7-12 are interest only payments. City of La Grande emergency Loans can be used in conjunction with Federal or State emergency programs.
Criteria for Eligible Businesses:
- MUST be physically located within the City of La Grande City Limits;
- Those immediately impacted by public health restrictions;
- Had 50 or fewer employees when operating at full scale (defined as December 2019);
- Were generally stable/strong prior to the crisis.
Approximately $70,000 is still available in this fund. Loans are available until funding is exhausted. Priority will be given to businesses that provide essential services such as food service, groceries, and retail.