Richland offering Small Business Loans

Beginning May 1, small businesses in the City of Richland have a new resource.

Small Business Stabilization Loans are meant to help eligible businesses in small and rural communities that are struggling as a result of COVID-19. The loans will use funds from a Community Development Block Grant – a program provided by the Washington State Department of Commerce – that’s been quickly re-tooled in response to Stay Home, Stay Safe’s economic impacts.

The application process opens at 8 a.m. May 1 and will stay open through May 31 — or until all money has been awarded.

To qualify, small businesses must:

  • Have a brick and mortar location in Richland
  • Have less than 20 full time employees
  • Exhibit a 50% or more loss due to COVID-19
  • Hire/rehire 1 full time employee (or combination of part time employees) and retain the position for 12 months
  • If the business reports monthly as required, the loan will be forgiven after 12 months

Documents required at the time of application (in PDF file format):

  • Income Statement, Balance Sheet, AND Cash Flow Statements for prior year and year to date.
  • Copy of current business license
  • Proof of insurance
  • IRS tax filings for prior year for business and owners personal if different from the business.

A flier offering more information may be viewed or downloaded here.

The application will be available beginning Friday, May 1, at 8:00am here.