Small business owners in Millcreek, hit hard by the pandemic, are getting help from the township.
During their meeting last night, Millcreek supervisors approved a new loan program. Businesses affected by the COVID-19 pandemic can receive loans of up to $ 25,000 at 0% interest.
The loan program is open to small businesses that have both a physical location in Millcreek Township and local ownership residing in Erie County. Additional eligibility guidelines can be found here.
The loans will be amortized over a period of four years at an interest rate of zero percent.
- In the event of full repayment within 12 months of closing, 10% of the loan will be forfeited (i.e. converted to a grant)
- In the event of full repayment within 24 months of closing, 5% of the loan will be forfeited (i.e. converted to a grant)
The loans are for lease and mortgage payments, as well as utility costs for a period of up to three months.
“The fact that Millcreek is trying and they put something together, they call you up and ask for your opinion on how that might work, it’s really a guarantee to be fair. So it is to their credit that they tried to help them, ”said John Melody, owner of the company.
“When the governor closed restaurants and taverns again in December, we thought this is an opportunity for us to help small local businesses in a meaningful way,” said John Morgan, supervisor of Millcreek.
Morgan added that the loans would not only help business owners, but owners as well.
The application period begins Monday, February 1 and ends Friday, February 12 (Funds are limited and priority will be given to retail food industries affected by the governor’s ban on eating indoors.)
For more details, visit millcreektownship.com or contact the Erie County Redevelopment Authority directly at 814.480.0337 x103.