During its first-ever virtual city commission meeting, Decatur will propose creating an “emergency small business loan program” to aid the city’s numerous restaurants (well over 100), retail and service outlets that have closed or been severely crippled by the COVID-19 outbreak.
The meeting begins at 7:30 p.m. April 6, and can be accessed through one of two ways:
*The live broadcast can be viewed at https://www.decaturga.com/citycommission/page/streaming-video.
* To participate in either the public comment or requests and petitions portions of the meeting you can register at https://zoom.us/meeting/register/u5cod-itqjgvFLacatpAmxhGH-gfPnlelA. You’ll then receive a confirmation email with instructions on joining the meeting.
There is no physical gathering location for the event.
According to Monday’s agenda notes, this loan program is a “joint effort by the city, the Downtown Development Authority, the Decatur Business Association and the Decatur Legacy Project.” The current proposal calls for up to $500,000 in no or nominal interest loans for local businesses that qualify. The program’s proposed features:
*Local small businesses limited to 25 or fewer full-time (or full-time equivalent) employees.
*No interest or nominal interest loan for 36 to 60 months. Loans will be unsecured or secured with personal guarantee.
*Average loan amount: $10,000-15,000, with a maximum loan amount: $25,000.
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