This Might, the Lake County commissioners approved two business assistance programs to learn small for-profit companies impacted by the novel coronavirus pandemic.
The packages are designed to additional financial improvement, protect employment alternatives for Lake County residents, and protect the operations of small companies throughout a time of want and emergency.
To this point, the commissioners have permitted 98 functions and distributed over $602,000 of aid in 16 of Lake Countys 23 communities. Over 50 of these functions have been for women-owned or minority-owned companies.
We’re dedicated to offering no matter help we will to our small companies, as they’re the spine of our group, mentioned Commissioner John R. Hamercheck.
The board concurred that small companies have encountered important financial impacts because the onset of COVID-19, together with points with money circulate and assets to assist their workforce….and that the enterprise aid efforts have enabled small companies to handle the short-term impacts of the disaster.
Regardless of the present difficulties, companies using the countys packages have reported success tales, the board acknowledged.
In accordance with the commissioners, the Microenterprise Emergency Reduction Grant Program is designed to supply grants for working capital of as much as $5,000 to small for-profit companies with 5 workers or much less which were impacted by COVID-19.
Eligibility for this system is tied to job creation or retention; possession by a low-to-moderate revenue family or documenting not less than 51 % of low-to-moderate revenue workers; or the enterprise being positioned inside a low-to-moderate revenue space of the county.
The Emergency Working Capital Mortgage Program is designed to supply loans of as much as $20,000 to small for-profit companies with 25 workers or much less which were impacted by the pandemic.
We proceed to solicit participation from our enterprise group and encourage them to go to the emergency relief loan fund website for extra data, mentioned Commissioner Ron Younger.
This system is designed to rapidly and strategically disburse assets by way of a streamlined on-line portal, famous Commissioner Jerry Cirino.
The packages are complimented by Gov. Mike DeWines current announcement of a new CARES Act package to supply help to, amongst others, companies with lower than 25 workers, group motion businesses and eating places and bars. Data on these packages could also be discovered at businesshelp.ohio.gov.
After we put this program collectively, we did it as rapidly as doable to make the emergency funds obtainable to the group, mentioned Rhea Benton, assistant director, Lake County Planning and Community Development.
Benton thanked Sara Bals, government director of the Lake County Development Council, and the groups members for serving to with this systems advertising and marketing technique.
Lake County Chambers Of Commerce additionally facilitated in getting data out about this system to enterprise members, Benton mentioned.
Tim Cahill, director of public finance and controller of the Lake County Ohio Port and Economic Development Authority, Amy Sabath of Lakeland Community College and Perry Township Trustee Bob Dawson, making up the physiques evaluation committee, contributed in overseeing functions.
Betsy Figgie and Margaret Brafchak of Your CFO Resource have been additionally instrumental in expediting and rewarding funds, Benton famous.
We contracted with this firm to assist us take within the functions, she mentioned. After we put this system collectively, we didnt need to burden the companies with an onerous software course of, so we made it as fast and environment friendly as doable.
Relating to the CARES Act bundle, Benton mentioned on-line functions are at present obtainable. Data will be discovered at businesshelp.ohio.gov.
The bundle consists of three packages: The Small Enterprise Reduction Grant, which supplies as much as $10,000 to eligible small companies to make use of for bills, together with mortgage and hire funds, utility funds, salaries and wages, enterprise provides and private safety tools.
This program is funded with $125 million from the CARES Act, Benton mentioned, including $44 million is reserved to make sure that not less than 50 companies from every county will likely be assisted.
The second program is the Bar and Restaurant Help Fund which supplies grants of as much as $2,500 to on-premise liquor-permit holders, funded with $38.7 million from the CARES Act, she added. There are greater than 15,000 institutions within the state that qualify for the help. Deadline for software is Dec. 30.
And at last, the House Reduction Grant supplies Ohio households with help for hire, mortgage and water and sewer utility payments by way of the local people motion company, Benton mentioned. In Lake County, that company is Lifeline.
This system is funded with $50 million from the CARES Act, Lake Countys allocation being $706,000. Help by way of this system will be utilized to payments dated again to April 1. Although this system ends Dec. 30, lobbying efforts to Congress purpose to increase the deadline.
Benton confirmed the loans, at five-years, carry no curiosity or charges to be paid, and that principal forgiveness additionally exists for early pay offs, which she known as a lovely high quality.
This program has actually been the distinction for a lot of companies between closing completely and with the ability to grasp on for not less than a number of extra months, attending to the subsequent stage of reopening, she mentioned. Everybody could be very grateful for the help.
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