Mishawaka finalizes small business loan program

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(Source: https://goo.gl/gQxaGW License: https://goo.gl/sZ7V7x)

The City of Mishawaka has finalized its small business loan program.

The program is meant to provide loans to Mishawaka small businesses that have been hit the hardest by the coronavirus pandemic on a first come, first served basis.

Loans are 0% interest for the first six months, with a $10,000 maximum loan amount. There are qualifications to apply, including:

  • The company/organization must be located within the corporate limits of the City of Mishawaka.
  • The company/organization must certify that it believes funds from this program are critical in helping the company stay in business during the pandemic.
  • The company/organization must have been in business and operational as of February 15, 2020.
  • The company/organization must be an operating company/organization with annual gross revenues not in excess of $2,000,000 per year.
  • Determination of ineligible applicants is based on the definition of ineligible applicants (borrowers) for the SBA’s 7 (a) Loan Program. Ineligible businesses include those engaged in illegal activities, loan packaging, speculation, real estate investment firms, multi-sales distribution, gambling, investment or lending, religious organizations, or where the owner is on parole.
  • Charitable organizations, not for profits, service clubs, lodges and fraternal organizations are eligible only if they have a business address and commercial storefront and serve and/or are accessible to the general public.
  • The company/organization must indicate if it received money from either the Paycheck Protection Program (PPP) or the Economic Impact Disaster Loan (EIDL) program. If the applicant did, its application will be held until all applicants who have not received other such financial support are processed.  The first round lasts through July 9, 2020.  After the first round, applications that were held may be considered if funds remain
  • Credit worthiness will be verified by Lake City Bank. A minimum credit score of 620 is required to qualify.

The City has partnered with Lake City Bank to administer the loan program. Applications are available at lakecitybank.com/mishawakabizloans or at the bank’s Mishawaka branch (5015 North Main Street).

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