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New Loan Program Helping Lexington Small Businesses With Covid Expenses

Women and Minority Owned Businesses Highlighted
Published: Jul. 8, 2020 at 9:13 PM EDT
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LEXINGTON, Ky. (WKYT) -Small business owners in Lexington will soon be able to apply for up to $25,000 to pay for COVID related expenses.

It’s city dollars, $2.5-million, from the budget in the Rainy Day Fund.

Businesses must have had a Lexington business license by January 1 of this year, and be in good standing with the Lexington Fayette Urban County Government.

A maximum grant of $25,000 can be used towards Covid19 expenses since March 8, 2020, such as Personal Protective Equipment (PPE), payroll expenses relating to Covid19, and expenses to comply with public health measures.

The goal is to have 50% of the grant funds go to minority and women-owned businesses.

Requests for help will be reviewed and awarded by the Commerce Lexington Access Loan Program. The final amount of funding will be determined by the loan program. How much is awarded will be figured by a review of the request and the documentation that’s provided.

Priorities for application review will be: Does the business meet basic requirements to apply for grant funding? Will the grant provide an incentive to the company that will benefit the community by supporting business and payroll sustainability and growth? Are the expenses directly related to the COVID-19 pandemic business impact, justified and documented?

The application will be online on city economic development, and city COVID-19 website starting early next week.

Copyright 2020 WKYT. All rights reserved.

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