Richland introduces loan program for small businesses

RICHLAND, Wash.-- So many businesses have been impacted financially by COVID-19 and the Stay Home, Stay Healthy restrictions, and yet relatively few businesses have been able to access Payroll Protection Program funds established by Congress.

That's what prompted the City of Richland to revamp a couple of its grant programs, coupled with CARES grants it received, to provide about $200,000 dollars to businesses in the city with access to a Small Business Stabilization Loan.

"Business owners with less than twenty employees need to agree to create a job, which could mean bringing back somebody they had laid off or hiring someone new, and retain that position for twelve months, and we'll just need to verify that," said Mandy Wallner, Marketing Specialist for the City of Richland.

The maximum $10,000 grants will be forgiven after a 12-month period as long as the business meets the stipulations of the loan agreement.

The city will start accepting applications on Friday, May 1, 2020. The application window closes May 31, or when the funds are depleted.

Listen to Mandy Wallner introduce the Small Business Stabilization Loan program on Tuesday's Tri-Cities Morning News with Jenna and Glenn.

Jenna_K · Mandy Wallner on Small Business Stabilization Loan 28 April 2020