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Posts Tagged ‘Small Business in Decatur’

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Legacy Decatur is now in the FINAL week of fundraising efforts for the city’s emergency small business loan program. Give at Legacy Decatur while there’s still time!

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As applications for Decatur’s Emergency Small Business Loan Program have exceeded the $500,000 in funding provided by the city and its Development Authorities, ongoing resident donations are well on their way to making up the difference. And while the application period has ended, donations will continue through the end of the month.

Currently, donations have totaled just over $30,000 in the past two weeks, more than half way towards a goal of $50,000. With the continued donations, we’ll provide additional loans that otherwise wouldn’t be possible. And there’s still time to give! Donations are tax-deductible and can be made through non-profit Legacy Decatur’s Decatur United fund at www.legacydecatur.org.

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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, with additional charitable contributions through efforts of Legacy Decatur, a 501(c)(3).

To contribute towards the fund, click here. Donate $100 or more and Legacy Decatur will place a yard sign at your address.

If you are a small business owner in the City of Decatur and wish to apply for the loan, visit the Resources for Decatur Businesses website. The application is thru an online portal that will be available 8am on May 5 thru 5pm on May 15, 2020.

If you have questions, please contact Angela Threadgill, Executive Director of the Decatur Development Authorities at angela.threadgill@decaturga.com.

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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.

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