Hamilton County small business owners could be eligible for individual loans of up to $ 2 million if Ohio is declared an eligible disaster area, officials said.
HCDC, a non-profit economic development firm that aims to create jobs through the growth of small businesses, encourages small businesses in Hamilton County to complete a Disaster Loan Declaration form.
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This is not a loan request, HCDC said in a statement Tuesday afternoon. The form allows the state to collect data on the economic impact of small businesses and will expedite a declaration of disaster due to the novel coronavirus.
The state is trying to identify companies that need support, the statement said. Once declared, the U.S. Small Business Administration (SBA) Direct Lending Program can provide a loan of up to $ 2 million per small business to help with economic recovery.
“Small businesses are the backbone of our economy and we are seeking help from the business community to help the State of Ohio obtain a disaster area declaration from the SBA for businesses in Ohio may become eligible for the Economic Disaster Lending Program, “said HCDC President. and CEO Patrick Longo said in the statement:” We want to make sure our businesses have access to as many companies as possible during this difficult time. “
There are nearly 950,000 small businesses in Ohio, according to HCDC. The SBA works directly with Governor Mike DeWine’s office to facilitate a disaster declaration so these businesses can be eligible for economic disaster loans.
To report the economic impact of your small business, complete the appropriate forms located on the HCDC website and send the completed forms to firstname.lastname@example.org.
Once the SBA confirms the statement, small businesses will be able to apply for the Disaster Loan Program.
“Every day we see the impact of COVID-19 on our local economy. The sooner we can open up resources for our Ohio businesses, the better, ”said Commission Chair Denise Driehaus. “Small businesses need certainty in these uncertain times. “