COVID-19: Rapid Recovery Loan
WINNEBAGO COUNTY
The Winnebago County COVID-19 Rapid Recovery Loan Program (RRL) aims to assist businesses in Winnebago County that are negatively affected by the economic impact of COVID-19. The low-interest loan helps keep businesses financially solvent while complying with the enforced restrictions.
Contact Jennifer Brown for more information at jennifer@foxcitiesregion.com
REQUIREMENTS
Businesses must meet specific eligibility requirements to receive money from the COVID-19 Rapid Recovery Loan Fund. The Winnebago County RRL allows for any single business enterprise to obtain funds at a level of $1,000, $2,500, $5,000 or $10,000.
ELIGIBILITY
Any viable private enterprise with at least one year of financial history that can demonstrate economic hardship or impact due to the COVID-19 pandemic.
ELIGIBLE ACTIVITIES
- Rent/Mortgage payments with due dates 4/1/2020 or later
- Commercial property utilities
- Payroll expenses including sick, family, and other leave related to COVID-19
- Pre-existing purchase orders, before 3/15/2020
FINANCING GUIDELINES
The Winnebago County RRL Committee will use the following guidelines to evaluate each loan application:
- Loan Amount: Funds are available for any single business enterprise in the amounts: $1,000, $2,500, $5,000 or $10,000.
- Loan Terms: The term of the loan will be a 3-year amortization schedule.
- Interest Rates: Each loan has a set 2% interest rate.
- Repayment: The deferment period of principle and interest payments expires six months from the date of distribution.
- Collateral: Collateral requirements shall be determined on an individual basis by the RRL Committee.
- Location: Business must have a physical address within Winnebago County.
- Approval: Submission of an application does not guarantee funding, and all applications will be reviewed by the committee. Applicant can decrease or decline funding upon notification of approval.
