Richmond small business owners can now apply for no-interest disaster loans

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Posted at 2:05 PM, Apr 06, 2020
and last updated 2020-04-06 14:30:19-04

RICHMOND, Va. – Small business owners in the City of Richmond who have been affected by the COVID-19 pandemic, can now apply for a no-interest disaster loan.

The Richmond Economic Development Authority created the Richmond Small Business Disaster Loan Program, which will offer interest-free emergency loans of up to $20,000 to small businesses within city limits.

The application is now available on city’s new RVAStrong website and includes includes information on eligibility, required supplemental documents, and the PDF of the application itself.

Interested parties should email the following documentation to Rick Winston at the Department of Economic Development:

• Completed and signed Richmond Small Business Disaster Loan Program application;
• Documentation of weekly payroll expenses for the last eight weeks;
• Two years of the company’s financial statements;
• Two years of the business signed tax returns; and
• Two years of the applicants’ individual signed taxed returns.

The mayor’s office says the program is intended to provide relief for small businesses and empowers them to continue operating, while keeping employees on their payroll.

City officials say the maximum loan amount for the program is six months of current employee wages or $20,000, whichever is less. The loan payments will be disbursed over six months.

Repayment of the loans will be deferred for six months, followed by 48 months of no-interest payments.

City officials say funding is limited and applications will be considered in the order they are submitted.