The City of Decatur, the Decatur Development Authorities (DDA), and Legacy Decatur have announced the creation of a small business loan program in response to the financial challenges presented by the COVID-19 pandemic. A total of $500,000 is being made available as part of this initiative, with $400,000 coming from the City of Decatur and $100,000 pledged by the DDA. The public will be able to contribute to the program by making a tax-deductible donation through Legacy Decatur.
The no-interest loans are for a period of four years with repayment beginning 12 months after the state of emergency order is lifted. The repayment plan can be for a period of up to three years following that date, and they can be repaid without a prepayment penalty. Any small business in Decatur employing between two and 30 full-time or full-time equivalent employees is eligible, so long as they were open and operational as of March 1, 2020. Depending on various factors in the application process, including the number full-time employees, eligible businesses will be considered for a loan of up to $25,000.
The loans are being administered by the DDA, and businesses interested in applying are encouraged to visit Decatur’s business resources webpage for updates and for the loan guide. The online portal to submit an application will open at 8:00 a.m. on May 5, 2020, and the deadline to apply is 5:00 p.m. on May 15, 2020. In the event that the loan fund is over-subscribed, a lottery method will be used to select which businesses from the group of qualified applicants will receive the loan. Loan distributions are expected by the end of May.
The DDA has also created an interactive webpage detailing which local businesses are remaining open during the COVID-19 pandemic and their updated operating hours, which can be accessed through DecaturGA.com.
