Funding is still available to small businesses in Victoria through a business resiliency microloan program, a partnership between the city and PeopleFund to assist businesses that are struggling because of COVID-19.
The agreement created a total loan pool of $845,000, according to a city news release. Small business owners can apply for loans up to $50,000, but at least 75% of the loans approved will be for amounts no greater than $25,000.
The program began accepting applications on May 18. Danielle Williams, director of the Victoria Main Street Program, has promoted the program to downtown business owners but said many were preoccupied during May with how to follow changing state regulations for businesses.
“A lot of them were busy trying to reopen,” Williams said. “There wasn’t as big of an effort to get money.”
Williams said many downtown business owners have already applied for Small Business Administration loans to address immediate needs, such as paying employees during the closures. However, those businesses that continue to feel the effects of the pandemic can apply for Business Resiliency Microloan Program loans toward fixed debts, payroll, accounts payable and any other bills that cannot be paid because of COVID-19.
Applicants must first apply for any available federal funding. PeopleFund staff can help with the process.
To apply, visit peoplefund.org and click “Get a loan.”