Mequon has established an emergency loan fund program to assist local businesses adversely impacted by the COVID-19 pandemic.
The program provides initial funding of $150,000, allowing for small businesses to apply for loans of up to $15,000 for those that qualify.
Eligible businesses must have had operations open to the public within the city of Mequon prior to Jan. 1, 2019. Businesses with operations after Jan.1, 2020 may also qualify, provided the business has a satellite location with the seven counties of southeastern Wisconsin known as M7.
An eligible business must have been impacted by COVID-19 with operations supported by 25 full-time equivalent employees or less as of March 1, 2020. Existing Revolving Loan Fund program participants are not eligible.
Loans are limited to a 5-year term while payments and interest are deferred through June 30, 2021, and payable at a 1 percent interest rate after June 30, 2021. Loans shall also be backed by a personal guaranty from any principal owner and will be vetted for financial stability and positive financial performance during the 2019 and 2020 to-date fiscal years.
Applications will be acted upon within 5 business days on a first-come, first-served basis. Click here to apply.