Small businesses in Benton County may see some extra cash this month.
“Businesses in Benton County need economic relief, and we’ve developed a fair and transparent system to ensure that all applicants have the same chance at this round of funding,” said Kate Porsche, manager of the Corvallis-Benton County Economic Development Office, in a news release Wednesday.
The office has begun an emergency loan fund and will bring $150,000 to businesses in need beginning this month. The program will take applications from Thursday morning through next Friday, and funding will be allocated through a lottery system at the end of the month.
The fund has $100,000 contributed by Benton County, and $50,000 comes from the local nonprofit Community Lending Works, the news release said. Each business chosen will receive between $5,000 and $10,000. Nearly a third of the funds will be reserved for minority-owned businesses.
Payments will be waived for the first six months, and interest-only payments will be due in the following six months. Businesses will then have two years to pay back the remaining balance.
Eligibility requirements include being headquartered in Benton County, having a staff of 40 or fewer and being in good financial standing prior to Gov. Kate Brown’s "stay home, save lives" executive order. Businesses located within the Albany city limits are not eligible.
Reporter Nia Tariq can be reached at firstname.lastname@example.org.
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