Loans Available for Muscatine Businesses
Muscatine wants to help its small businesses survive the pandemic. The city council has set aside 400,000 dollars for forgivable loans, and will begin taking applications on May 1st.
Spokesman Kevin Jenison says the city is offering up to 2,500 dollars to businesses with up to 25 employees.
"The process really started in conversations with small businesses in our downtown district who had tried to go through the federal government to get some of that CARE Act money. It didn't really pan out for them but they still needed help."
The money can be used for normal business expenses, such as rent, mortgages, inventory, and personnel. And if the business is still operating in Muscatine at the end of the year (12/31), the loan will be forgiven.
Jenison says the city will begin accepting applications on Friday May lst, through May 8th.