Forty-five companies completed applications requesting a total $808,500 in loans. The final 27 were chosen through a lottery, meaning the city winds up funding 67 percent of the total loans requested.
According to Schick of the 45 who requested loans, 29 percent were restaurants/pubs, 23 percent “retail service,” 20 percent “general retail,” 13 percent consultant and professional service, 7 percent health and beauty retail, 4 percent healthcare and 4 percent online and media.
Businesses have four years to repay the interest-free loan beginning from when they received their loan (the money is currently getting distributed). Businesses must begin repaying 12 months after termination of Governor’s Public Health State of Emergency Order that, as of right now, is July 12.