The City of Richmond will offer loans up to $20,000 to small businesses hit hard by closures due to the COVID-19 pandemic.
In a special meeting on Thursday, the board of Richmond’s Economic Development Authority approved what they are calling the Richmond Small Business Disaster Loan Program. The Authority also voted to appropriate $1 million to the program.
The loan program will provide small businesses with no-interest loans. Payments on the loans will be deferred for six months. They can only be used to pay employee wages in order to remain open during the coronavirus outbreak.
Qualifying for-profit businesses will need to apply directly to the Economic Development Authority or through the city’s Department Economic and Community Development.
This is a developing story. Please check back for updates