BIDCO Announces COVID-19 Microloan Program for Belmond, Galt and Rowan
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.
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 firstname.lastname@example.org.
Please take the next few moments to visit our site, and learn more about the City of Belmond and the economic growth through business and community development opportunities with the Belmond Growth Alliance. We think you'll agree that Belmond has a rich legacy of community spirit exemplified by its people. From its newer medical clinic, newer elementary school, and remodeled hospital, to its newer city hall and newer fire station, Belmond has always been progressive while maintaining its heritage. Pay us a visit and see it for yourself, Belmond is a great place to live.