Portland accepting zero-interest small business loan applications
Portland is now accepting applications for zero-interest loans to small businesses struggling to stay open because of the COVID-19 crisis.
Loans of up to $50,000 are available to businesses with annual gross revenues of $5 million or less. The applications are being accepted by Prosper Portland, formerly known as the Portland Development Commission.
The Small Business Relief Fund loan program was approved by the City Council and has $1 million of available funding. It prioritizes businesses owned by members of traditionally marginalized communities, including black, indigenous and all people of color, individuals with disabilities, and individuals experiencing poverty.
Applications close at noon on Saturday, April 11. More information is available here.
The applications began to be accepted the day after the city announced it had awarded $1 million in grants to more than 200 businesses from the fund. That is just a fraction of the 8,777 applications turned in, revealing the extent of the economic disruptions caused by the spread of the novel coronavirus.
"Helping the most vulnerable in our city defines us as a community," Portland Mayor Ted Wheeler said. "Thank you to Prosper Portland and our partners on the thoughtful, balanced process that inspired selection of these businesses. I also want to thank the review committee for working around the clock over the past four days to ensure a quick and equitable process for the consideration and selection of these businesses. I call on our city's private, philanthropic and community partners to continue to collaborate with us in support of the small businesses that fuel our city."
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