Agency / Department: Chattanooga City Council
Resource: COVID-19 Small Business Stabilization Fund
Details: This fund will provide short-term working capital to businesses that are facing sudden and severe revenue shortfalls because of our recent executive orders. The City has committed $2.5 million to set up grant and loan programs that can help businesses in different ways — short-term rental assistance, continued payroll for displaced workers, or larger business expansion needs. These programs include:
COVID-19 Mitigation Grants, which are $5,000 grants available to small businesses renting their spaces to help with things like expenses, rent or payroll assistance.
COVID-19 Bridge Loans, which are loans of $10,000, $15,000 or $25,000 that are designed to help small businesses, specifically those directly impacted by state and local executive orders, with employee retention and working capital.
COVID-19 HUD 108 Loans, which are loans greater than $25,000 that helps businesses in low-income census tracts or incentivizes business owners to hire and retain employees whose area median income is at or below 80 percent.