The City of Moline Community and Economic Development Department announced they will begin to accept applications for the second round of the Community Development Block Grant (CDBG) Small Business Relief Loan Program.
“The City is glad to have the resources available to assist businesses as we navigate through the effects of the COVID-19 Pandemic,” said K.J. Whitley, Community Development Program Manager for the City of Moline.
The application process opens March 30 and closes on April 30 at 5:00 p.m.
There is $65,000 in the loan program that will be broken into $5,000 forgivable loans to give to small businesses. The funds for this program come from the federal CARES Act funds that were distributed by the U.S. Department of Housing and Urban Development to the City of Moline CDBG program and are for emergency relief resources for communities to prevent, prepare for, and respond to the coronavirus.
To qualify, the business must meet the eligibility criteria, including having at least two employees, including the owner(s), but no more than 50 employees.
The business must continue to be operational, with at least one employee, for three months following getting the loan to have it forgiven.
Once the window for applying is closed, the applications will be reviewed for accuracy and compliance with the criteria.