Milan Offers Business Assistance Loans
Hoping to protect its businesses and their jobs, the Village of Milan has set up a Business Assistance Loan Program. Because of the pandemic, it's offering forgivable loans and zero interest loans of up to 2,500 dollars.
Finance and Economic Development Director, Mark Hunt, says the difference depends on whether the business has enrolled in the federal Paycheck Protection Program.
"So if you have tried but not been able to get Paycheck Protection Program funding for whatever reason, you would be eligible for a forgivable loan. If you do receive Paycheck Protection Program funding, the loan would then be expected to be paid back in one year at zero per cent interest."
This week the village board approved 50,000 dollars for the program.
Hunt says he's received quite a few calls already, asking for help, from service, retail, and industrial businesses in Milan. And he expects the applications will add up to more than the available funding.
More information, and the application form, can be found on the village's website.