MOLINE, Ill. — Small business owners in Moline, Illinois can apply for a forgivable loan to help recoup COVID-19-related expenses and losses.
The loans are available through the Micro Business Forgivable Loan Program, which could provide businesses up to $10,000.
To be eligible for a loan, the business must have at least five employees (including the owner or owners) and stay open for at least three months after getting the money.
“We know that our micro businesses need help during this recovery and we are happy to have found a way to get that to them,” said Moline Mayor Sangeetha Rayapati. “We hope that they will take advantage of this program immediately to prevent any further losses and keep our local economy moving in the right direction.”
The city plans to seek reimbursement from the American Rescue Plan Grant. The American Rescue Plan Grant was enacted by President Joe Biden in March of 2021. It's a $1.9 trillion package to assist with public health and economic shortfalls.