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BIDCO Announces COVID-19 Microloan Program for Belmond, Galt and Rowan

Belmond, IA:

On April 27, 2020, the Wright County Board of Supervisors approved an agreement for Wright County Economic Development (WCED) to lend $25,000 to BIDCO to provide necessary assistance to small businesses who are adversely affected by changes in business or regulations imposed due to the COVID-19 pandemic. The loan proceeds are to be distributed to small businesses in the form of “microloans,” not to exceed $5,000. Businesses that were active as of March 1, 2020, with physical locations in Belmond, Galt or Rowan are eligible to apply.

General Requirements:

The use of proceeds should generally be limited to working capital, notes payable, and accounts payable. Applicants will need to demonstrate how their revenue was adversely impacted by the COVID-19 pandemic, why the microloan funds are necessary to continue operations and how the funds will be used.

Eligible Businesses include Sole Proprietorships, Independent Contractors, Partnerships, Limited Liability Companies, Corporations, or a Subchapter S Corporations and must meet the Small Business Administration’s table of small business size standards at https://www.sba.gov/size-standards/

For a full list of guidelines and disclosures or to obtain an application you may visit Belmond City Hall, First State Bank or Green Belt Bank & Trust. Questions may be directed to Tate Goeman at 614.444.3956 or tgoeman@greenbeltbank.com.