29 Apr 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.