A local real estate investment firm has committed $1 million to help struggling small businesses survive the coronavirus outbreak and its economic repercussions.
The Miami Twp.-based Connor Group this week launched a loan program specifically dedicated to businesses with five to 50 employees, with loans on offer to qualifying businesses from $25,000 to $150,000.
The Connor Group said some of those loans will be forgiven.
“Minority-owned small businesses and small businesses that were unable to receive federal stimulus funds will be given special consideration,” the business said Thursday.
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“I can relate to what small business owners are facing right now,” company founder and lifelong entrepreneur Larry Connor said in a release. “I’ve faced those situations when you’re scrambling and doing everything you can to make payroll. We want to be a lifeline to those businesses.”
Some of the money will be paid in the form of no-interest loans payable over 24 months, the company said.
Small business owners can apply by filling out a form at www.connorgroup.com/kids-and-community/local-small-business-loan-program/.
Connor Group said the process will work like this: After reviewing applicants, a loan committee will review additional financial data and meet with companies that best meet the qualifying criteria.
The committee will consist of Connor Group partner Mike McQuiston, former Emerson Climate Technologies Chief Executive Tom Bettcher and Vince Lewis, director of the University of Dayton Crotty Center for Entrepreneurial Leadership.
They expect to have all loans made by May 15.
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Businesses interested in joining the loan fund can contact McQuiston at email@example.com.
Founded in 1992, the Connor Group owns and operates luxury apartments in Austin, Tampa, Nashville, Atlanta, Minneapolis, Chicago, Charlotte, Raleigh-Durham, Dallas, Denver, Louisville and Ohio.
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