The Boone County Economic Development Corp. recently announced the creation of its small business economic relief fund to help businesses affected by the COVID-19 pandemic.
The Boone County Small Business Economic Relief Fund offers county-based businesses financial relief and business support in the form of $5,000 loans financially fueled by the Boone EDC, MonoSol and Allman Johnson CPAs.
Private, previously existing Boone County small businesses affected by the COVID-19 economic downturn can apply for a $5,000 loan for any working or non-working capital expenditures, to provide businesses flexibility during the pandemic. The loans will have terms between 24 and 60 months and will have an interest rate between 0 and 2.75 percent.
Boone County Economic Development Corp. Executive Director Molly Whitehead said the loans are a repackaging of the corporation’s micro-loan program, which has existed for 10 years.
“It’s treated as a revolving fund,” Whitehead said. “As more funds are repaid, we have loaned out to startups, so we’ve used it for a variety of purposes over time.”
Whitehead said the small business economic relief fund offers $5,000 loans because the Boone County EDC is limited on funding and is actively fundraising and requesting donations.
To apply for a loan from the fund, small business must be based in the county, established for at least two years and have fewer than 30 employees.
The relief fund also will connect selected businesses with advocacy support by providing small business marketing campaigns and one-on-one business plan guidance and support, according to the Boone County EDC.
For more about the fund, visit betterinboone.org/sberf.
In an effort to build stronger communities, the Boone County EDC also has created a resource hub for all Boone County business owners. The page lists business relief resources from local, state and federal sources. For more, visit betterinboone.org/localresources.