Quick deadline, fierce competition for new nationwide loan program
COVINGTON, Ky. - Small businesses suffering immediate financial pressures during the pandemic can apply for up to $10,000 under a new nationwide loan program - but the deadline is short and the competition is expected to be fierce.
A community development organization called Local Initiatives Support Corporation (LISC) is using a $2.5 million investment from Verizon to offer grants nationwide to help small businesses fill financial gaps until they can resume normal operations or other more permanent financing becomes available.
“We just found out about this possibility through our friends at the Catalytic Fund and wanted to share it with our small businesses in Covington,” Covington Economic Development Director Tom West said. “If you’re eligible, don’t waste time in applying.”
LISC says the loans can be used to pay rent and utilities, meet payroll, pay outstanding debt to vendors or fund other immediate operational costs.
Businesses must be facing immediate financial pressure because of the coronavirus pandemic - “especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital,” according to LISC.
Applications must be completed by end of the day Saturday, April 4th.