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During a special meeting, the City Commission voted 5-0 to approve the COVID-19 Manhattan Business Assistance Program. The loan program was initiated by the Manhattan Area Chamber of Commerce in partnership with the City of Manhattan. The program will be administered by the Chamber of Commerce and the $500,000 funding will come from the City’s economic development fund.
The purpose of this money is to serve as a “bridge,” helping businesses meet near-term expenses whilst waiting for other, more substantial federal funding.
Eligible applicants must:
- demonstrate that the need is directly due to the negative impact of the Coronavirus pandemic.
- apply for at least one federal or state program that provides assistance, OR receive a letter from a qualified lending institution outlining a longer-term funding strategy.
- Funds NOT be used to supplant other programs, but instead merely provide a bridge to the point that the business can receive funds from other resources.
Funds may be used for business stabilization expenses such as working capital, payroll, making required debt payments, rent or lease payments, marketing, setting up e-commerce platform, and inventory.
Funds may not be used for personal uses or use for purposes that are prohibited by federal, state, or local law or regulation.
Loans will be in the amounts of $5,000, $10,000 and $20,000. Loan amounts will be subject to terms/requirements finalized by the Chamber of Commerce.
How to Apply
- The Chamber is developing a web-based application that will be available at www.manhattan.org – the application is currently being finalized.
- Applicants must include an explanation and budget of how the funds will be used.
- Applicants must explain how the funds will provide a bridge to additional funding opportunities beyond one month.
- Applicants must submit materials online and verify receipt by contacting (785) 776-8829.
- Once the required information is received, the Manhattan Chamber of Commerce will evaluate the application and make an award determination with the goal of having funds available within two business days, based upon the volume of applications received.
- The funds will be repaid at 0% interest for a period of 36 months.
- There will be no principal or interest payments for the first four months.
- The amount of funds awarded determined based upon the details in application.
- Any primary employer must maintain employment levels for 12 months following the award date.
Thanks for the great info, Blade!