The online applications for the newly created business emergency fund will be available today at www.manhattan.org. The $500,000 loan fund was created by the Manhattan Area Chamber of Commerce after unanimous approval from the Manhattan City Commission at its meeting Tuesday to allocate economic development funds for local businesses impacted by the Covid 19 pandemic.
Funding may be available to businesses that have an immediate need (defined as less than 14 days) that is determined to be a detriment to the long-term sustainability of the business. The goal is to be operational by next week after which an approved application would be reviewed and funded in less than two business days. The Chamber will also provide technical assistance to the applicant in identifying funding opportunities to secure a longer-term solution to the current situation including disaster loans, relief funds or local bank opportunities.
According to Jason Smith, president and CEO of the Manhattan Chamber, the program would not be a replacement for local, state or federal financial assistance, but rather a bridge for an emergency a company may be facing.
The commission approved $500,000 from the city's economic development fund. All Manhattan businesses are eligible to apply if they meet the criteria. A business would be eligible for up to $5,000 or $10,000-$20,000 for certain circumstances for a 0% loan interest to be paid back over three years with a four-month deferral period.
The Chamber will repay the city as the funds are paid back.
Information and the application process will be available by 5 p.m. April 1, at www.manhattan.org. For more information, contact Jason Smith at [email protected] or Daryn Soldan at [email protected].