City offers forgivable loans to support small businesses
Officials with Leavenworth city government are now accepting applications for a new forgivable loan program that provides federally-funded dollars to small businesses.
Loans are provided by the federal Community Development Block Grant program and must be administered according to federal guidelines determined by the U.S. Department of Housing and Urban Development. Business owners may qualify if their household income falls below federally-set guidelines or if 51% of their employees' household income falls below federally-set guidelines. Other guidelines include businesses must have a physical location within the Leavenworth city limits and no more than 20 employees.
Maximum loan amounts between $5,000 to $10,000 are awarded based on the number of employees. Loans will be forgivable after businesses successfully complete the reporting period of one year. If reporting is not completed within the one year period, payments may be required on the loan.
Women and minority-owned businesses are encouraged to apply.
To apply for a loan or to obtain more information about the program, contact Assistant City Manager Taylour Tedder at firstname.lastname@example.org.