The Chippewa County Board of Supervisors has partnered with the Chippewa County Economic Development Corporation (CCEDC) and the Regional Business Fund, (RBF,INC) to help implement a COVID-19 Emergency Loan Program to assist small service sector businesses that are struggling due to the impact of the COVID-19 pandemic. The Chippewa County Board of Supervisors allocated $300,000 to be used for the Emergency Loan Program.
The COVID-19 Emergency Loan Program offers a three to five-year loan up to $10,000. Payments are deferred for the first year, and then payback of the principal with a 1.5% interest rate for the remaining months of the loan. Loan funds may be utilized to cover ongoing monthly operating expenses, restocking of supplies and inventory, and/or expenses incurred related to COVID-19 “social distancing” protocols. There is no fee to apply for the Loan and no early penalty for paying off the loan early.
Supervisor Lee McMenamin who chairs the County’s Economic Development Committee stated “I am pleased that the County Board can provide some financial relief for those smaller service businesses throughout Chippewa County. Working through the CCEDC and RBF, Inc will make deploying these funds much quicker so these businesses can get the assistance they need when preparing to reopen.”
“There are 15 Chippewa County Supervisor Districts, and each district was earmarked funds by the Chippewa County Board so they could receive two applications from a service business that will need a little assistance in the form of a loan when planning their reopening.” Explained Randy Scholz Chippewa County Administrator.
Charlie Walker, President CEO of the Chippewa County Economic Development Corporation noted “To qualify for this particular program, a service business must be located in one of the 15 Chippewa County Supervisor Districts, have 10 or fewer employees, operate out of a brick and mortar location, have been in business for at least two years, and have a loss of income due to COVID-19. Business such as manufacturing, agriculture, or logistics are encouraged to utilize the regional, state, and federal COVID-19 programs….this particular program is aimed at giving those smaller restaurants, bed and breakfasts/campgrounds, and such assistance as they rapidly prepare for the summer season.”
To find an application go to the RBF website here.