RINGGOLD – The Catoosa County Economic Development Authority, Catoosa County Chamber of Commerce and Northwest Georgia Regional Commission are encouraging small businesses in the region that have been financially impacted by the COVID-19 pandemic to apply for low interest loans.
Eligible businesses may qualify for $3,000 to $50,000 loans with interest rates ranging from 1% to 5% on terms of up to seven years. Approved loans can be used to assist businesses with these qualifying needs:
- Re-opening after temporary closure
- Retain, hire, or re-hire employees
- Pay vendors with significantly aged payables
- To purchase needed machinery or equipment to assist with opening or re-opening to diversify businesses into new markets that will create or retain jobs
Existing businesses must be able to demonstrate a credit worthy history prior to the Covid-19 pandemic. New businesses will need to demonstrate adequate profitability by providing three to four years of business projections with assumptions.
The Northwest Georgia Regional Commission was awarded a $500,000 grant through the CARES Act COVID-19 Micro-Loan Fund from the Economic Development Administration. Businesses seeking to apply or get more information can contact Jennifer Whorton at [email protected] or call (706) 272-2300.