Small businesses in Benton County have a week to apply for a new emergency loan fund.
The fund is for companies with headquarters in Benton County, and have 40 or fewer employees. It’s meant to offset hardships created by shutdowns meant to slow the spread of the coronavirus pandemic.
Businesses have until May 15 to apply for loans of between $5,000 and $10,000. The fund consists of $100,000 from Benton County and $50,000 from a non-profit called Community Lending Works. Recipients won’t be charged any interest on the loan for the first 12 months.
A press release from Benton County says that program managers will use a lottery system to disburse the funds. About one-third of the money will be set aside for rural or minority-owned businesses.
Businesses located within Albany city limits are not eligible.