DETROIT – Wayne County is partnering with TCF to offer low-interest loans to struggling small businesses during the coronavirus pandemic.
The program, with $6 million of initial funding, is targeted to small businesses in low income census tracts that have been hardest hit by the COVID-19 outbreak. Loans up to $50,000 with interest rates between 0 - 2% will be made to eligible Wayne County businesses in need.
The Wayne County program is designed to help qualifying small businesses receive immediate financial help during the COVID-19 pandemic.
“Small businesses are the backbone of Wayne County’s economy, and they are in the most need during the on-going COVID-19 pandemic. This program will get assistance to small businesses, fast and in time to help with their immediate financial needs,” said Warren C. Evans, Wayne County Executive. “The coronavirus has forced many of these businesses to shorten hours and staff or close their doors indefinitely. This new program is part of our economic development strategy to help them weather this unprecedented time and crisis. We’re in this fight together and are committed to doing everything possible to mitigate and overcome COVID-19 as we work to ensure public health and safety.”
Wayne County and TCF say they will contribute $3 million each to the loan pool initially.
“Strengthening small businesses and the communities we serve has always been our purpose, and we need to care for those struggling in this time of need,” said Gary Torgow, Chairman of TCF Financial Corp. “We’re honored to partner with Wayne County to help us ensure that small businesses throughout the county, who support our communities with key goods and services, can have the peace of mind that their workers and bills can be paid.”
How to apply
To apply for a relief loan, a business must employ less than 100 employees, have annual revenue under $1 million, and reside in a low-income census tract in Wayne County.
- The banking center manager will verify the business is within an eligible census tract.
- The banking center will refer the eligible business to a local business banking relationship manager.
- The relationship manager will contact the business to prepare and submit the loan application.
Information needed to apply:
- One-year business and personal tax returns
- Brief explanation of hardship (25% loss of revenue of more)
- How funds will be used to assist with hardship