The funds are intended to help businesses reopen their doors with such needs as deep cleaning facilities, modifying facilities to accommodate ongoing social distancing, restocking inventory, marketing to their clients, and/or paying staff in advance of reopening and achieving revenue.
The $10 million in grants will be administered by the Gwinnett Community Development Program, and the $10 million in loans will be handled by Access to Capital for Entrepreneurs Inc., a federally certified Community Development Financial Institution.
Grants are capped at $75,000. The grants are targeting small businesses that cannot access capital due to their inability to meet minimum underwriting standards. To be eligible for a grant, the applicant needs to be a Gwinnett-based business in operation for more than one year, with up to 200 employees, and have active Georgia Secretary of State filings and organizational documents in good standing.
The SBAP also is offering 36-month term loans between $50,000 and $200,000 with the first nine months of principal and interest payments waived. The loan program is focusing on small businesses that can adapt and continue to generate some sales.
Applicants for the loans need to be businesses with more than two years in operation with up to 500 employees, active Georgia Secretary of State filings and organizational documents in good standing.
Those interested in applying for grants and loans should visit the Small Business Assistance Program page at GwinnettCounty.com to learn about required documentation in advance of the applications being posted. Applications will be released at noon Tuesday at the Small Business Assistance Program page at gcga.us/SmallBizAssist.
