Boone County group offering loans for small businesses hit by crisis

The Boone County Economic Development Corp. is offering local businesses up to $5,000 in loans to weather the impacts of the novel coronavirus.

The BCEDC and local firms MonoSol and Allman Johnson CPAs have endowed a small business economic relief fund with $40,000 for companies affected by the COVID-19 economic downturn. Applicants must be local, private companies established more than two years ago with fewer than 30 current employees.

“It’s not a large pot of money at this time, but we are actively trying to fundraise to bring some additional money into that account,” BCEDC Executive Director Molly Whitehead said. “This fund could serve as a bridge until those companies can get approvals for SBA (Small Business Administration) funding.”

The maximum loan amount is $5,000. Recipients can choose between a 0%, 24-month loan or a 2.75%, 60-month loan.

Additionally, approved businesses will be featured through the BCEDC advocacy platform during and after their loan terms. They’ll also be eligible for one-on-one business plan guidance and support throughout the term of the loan, with at least one annual in-person visit and quarterly virtual meetings.

“If we can’t answer the question or we reach our level of expertise, we have connections here in the community that can help these companies,” Whitehead said.

To learn more about the Small Business Economic Relief Fund, visit www.betterinboone.org/sberf. Other companies wishing to invest in the fund should contact Whitehead at mwhitehead@booneedc.org.