Trotwood is offering loans to city businesses that have been negatively impacted by the coronavirus pandemic.
Small businesses with a physical location in Trotwood are encouraged to apply for up to $1,000 in interest free Business Emergency Forgivable loan money from the city business team. The loans are made possible through donation efforts from the Sisters of the Precious Blood.
“It is a forgivable loan so they don’t have to pay it back. Any businesses that have been negatively affected by the covid-19 outbreak are eligible to apply for it,” said the city’s assistant finance director Julie Kilbarger.
To be considered for the loan, business owners need to prove that they have had a physical location in Trotwood prior to March 2020 and that their revenue has decreased 30%. Store owners must be current on local, state and federal taxes.
Those interested and eligible can get the application from the city website until Nov. 30. The application and necessary documents can be mailed to the city’s government building at 3035 Olive Road, dropped off in person using the drop box labeled “utility” outside of the government building or emailed to Julie Kilbarger at firstname.lastname@example.org.
Application materials will be reviewed by the Trotwood Business Loan Review Committee on a first come first served basis.
“The loan review process shall take no more than two (2) weeks after all the required materials have been received by the City Staff. After review, and if approval is granted, the applicant will be notified of acceptance via mail,” according to the loan application.
Businesses that receive the loan must agree to report the impact the loan has had for them. Checks will be mailed out to recipients in December 2020.