Town of Freeport COVID-19 Small Business Loan Program
June 4, 2020
COVID-19 has had a severe economic impact on Freeport, and we believe there is a need for financial assistance to help members of our business community. With that in mind, the Town of Freeport, the Freeport Chamber of Commerce, Visit Freeport and FEDC have united to bring a loan program to Freeport businesses to support our business community. On May 19, the Freeport Town Council appropriated $100,000 in TIF funds to establish Freeport’s first revolving loan fund for small businesses and we are working to obtain additional funds from grants or private donations. A loan application and parameters have been developed which will provide financial assistance for overhead costs not covered in other COVID-19 response programs offered by traditional lending and state, federal and regional agencies. This loan program is one part of actions taken by the town organizations to combat the effects COVID-19 is having on our business community. The loan program will be accepting applications for borrowers on Monday, June 8; the program outline and application is attached below and is available on the Freeport town website. The Town and supporting organizations have defined this program to support our small businesses and have outlined loan program parameters, including eligibility, repayment terms, lending limits and a list of supporting documents which must accompany each application to help potential applicants prepare. Please see the town website for all instructions for this loan program in support of our local Freeport businesses. Freeport is a strong community that will come through this difficult time!
Town of Freeport
Greater Freeport Chamber
Freeport Economic Development Corp.