The Door County Economic Development Corp. is administering a new low-interest revolving loan fund to provide critical funds to local small businesses and entrepreneurs adversely affected by the COVID-19 pandemic.
The DCEDC can loan $500,000 through the CARES Act recovery aid through assistance from the U.S. Department of Commerce and the Economic Development Administration to capitalize and run the RLF.
Applications are now open for RLF loans. The applications must be submitted by the CEO or owner of any existing small business or nonprofit in Door County. All applicants must meet several requirements, such as employing 20 or fewer workers and being free from any outstanding delinquent federal, state or local tax liens/liability.
Funds can be used for purchasing land, buildings and fixed equipment; facility expansion necessary for COVID-19 business recovery; purchase and install of no-touch fixtures and doors, touchless customer interaction equipment, enhanced ventilation filtration systems, and other equipment for health and safety; the construction, reconstruction or installation of buildings, fixed equipment and site improvements to comply with health and sanitation standards; and inventory acquisition.
To receive more information and an application for the RLF, contact Jake Cummings, DCEDC director of business development, at [email protected] or (920) 634-6681.