The Manhattan Area Chamber of Commerce will be providing loan funds through the City of Manhattan Economic Development Fund to help for-profit businesses and private non-profit organizations that need assistance during COVID-19. This is for an immediate need defined as less than 14 days to maintain business operations.
Loans can range from $5,000 up to $10,000 and $20,000, depending on the category.
Eligible applicants must demonstrate the need is directly due to the negative impact of the Coronavirus pandemic. They must apply for at least one federal or state program that provides help or receive a letter from a qualified lending institution outlining a longer-term funding strategy.
The money must not be used to supplant other programs, but provide a bridge to the point that the business can receive funds from other resources.
The funds will repaid at zero percent interest for a period of 36 months. There will be no principal or interest payments for the first four months.