City accepts second round of small business loan applications
The city of Leavenworth is accepting a second round of applications for forgivable loans for small businesses.
The loans will be provided using federal Community Development Block Grant funds designed to help with coronavirus pandemic relief.
Leavenworth Assistant City Manager Taylour Tedder said the loan program is designed to safeguard low to moderate income jobs.
Tedder said the deadline for the first round of applications was the end of September. Funds for the program are still available after the first round of applications. And there is additional interest in the program, so the deadline has now been extended through Oct. 31.
The owner of a micro-enterprise business, which has less than five employees, may qualify for a loan under the program if his or her household income falls below federally-set guidelines. The owner of a small business, with less than 20 employees, may qualify if 51% of the business’ employees have household incomes that fall below federally-set guidelines. Businesses with more than 20 employees do not qualify, according to a news release from the city.
In order to qualify, businesses must have a physical brick-and-mortar location within the Leavenworth city limits. Maximum loan amounts between $5,000 to $10,000 are awarded based on the number of employees.
Loans can be forgivable after business owners successfully complete a reporting period of one year. If the required reporting is not completed within one year, payments on the loan may be required.
Tedder said an application for the loan program is available on the city’s website, www.leavenworthks.org
People also can contact Tedder at email@example.com