2020 EMERGENCY MICROLOAN PROGRAM
The Historic Downtown Chelan Association is providing $100,000 in funding for a new Microloan Program to assist HDCA member businesses who have been impacted by the COVID-19 emergency.
These low-interest loans are intended to be used to cover the costs of rent/mortgage payments, utilities, payroll, and working capital. The loans will be serviced by our community partner, North Cascades Bank.
Loans will be for a maximum of $5,000 and will be repaid over a period of three years at a rate of 2%, with payments deferred for the first 6 months and no interest for the first 12 months.
The application period will open May 1, 2020 and will close May 7, 2020. Notification to applicants will occur on May 8, 2020. The funding process will begin immediately after notification. Priority will be given to eligible applicants who are physically located within the Historic Downtown Chelan boundary as defined in the bylaws:
- Applicants must be a member of the Historic Downtown Chelan Association as of Dec 31, 2019. (This requirement is waived for businesses that began operations on or after January 1, 2020.)
- Applicants must have an active 2020 membership with the HDCA as of the date of application. Please contact Erin McCardle at firstname.lastname@example.org or (509) 682-4322 to confirm and/or update membership.
- Applicants must have an active business license as of the date of application.
- Applicants must have had their revenue significantly impacted due to the state of emergency.
- Applicants must not have any liens or encumbrances against them as of Mar 16, 2020.
- Applications must anticipate being able to continue as a going concern.
**If you are not a current customer of North Cascades Bank, please note that you will be required to provide your entity documents, customer information profile and beneficial ownership information to comply with compliance regulations. **