BELLVILLE CITY COUNCIL APPROVES EDC COVID-19 EMERGENCY BUSINESS SHORT-TERM RELIEF PROGRAM
The Bellville Economic Development Corporation (BEDC) has been given the go-ahead to provide assistance to local businesses that are struggling due to COVID-19.
Following approval from the Bellville City Council Friday morning, the BEDC launched its Emergency Business Short-Term Relief Program to help small businesses during the state of emergency caused by the COVID-19 outbreak. The program is designed to provide short-term relief for businesses that are still waiting on assistance from the U.S. Small Business Administration (SBA).
Through the program, the BEDC will provide interest-free loans of up to $10,000 for qualifying businesses within Bellville city limits, with an overall cap of $200,000.
As the assistance will be provided via loans or lines of credit, approved businesses will need to pay the money back to the BEDC, but not until August 1st or within 30 days after receiving SBA assistance. If considered necessary, the BEDC board could meet again and raise the cap.
Applications need to be submitted to the BEDC Executive Director by 5 p.m. on Friday. Approved applications will be funded and mailed on or before next Wednesday, April 29th.
Further information on the program is available online at http://bellvilleedc.com.