Gwinnett County will close applications for grants and loans for small businesses hurt by the coronavirus pandemic at 5 p.m. July 24.
The county plans to give out $20 million in federal CARES Act money. The loans and grants are meant to help businesses deep clean, modify buildings to allow social distancing or otherwise make changes in response to the coronavirus pandemic so they can reopen.
Gwinnett will make $10 million available in grants and $10 million in loans.
The grants, which are capped at $75,000 apiece, will be administered by the Gwinnett Community Development Program. They target small businesses that can’t access capital because they can’t meet minimum underwriting standards. Eligible businesses must be at least a year old, based in Gwinnett, have no more than 200 employees and have active filings at the Georgia Secretary of State’s office, where their organizational documents must be in good standing.
The loans will be handled by Access to Capital for Entrepreneurs Inc., a federally certified Community Development Financial Institution.
Applicants must have been in business for at least two years, have no more than 500 employees and have active filings at the Georgia Secretary of State’s office, where their organizational documents must be in good standing.
Loans will have a 36-month term, and the first nine months of principal and interest payments will be waived. Applicants can request anywhere from $50,000 to $200,000. The program is focused on businesses that are able to adapt to generate sales.
More information is available at gcga.us/SmallBizAssist.