South County Economic Development Council (South County EDC) announced today it will provide a one-time $5,000 loan with no monthly payments and zero percent interest collected to eligible restaurants in South County as economic relief in the midst of the COVID-19 pandemic. The total repayment amount will be due until April 1, 2021. It is anticipated that a total of 50 loans will be provided.
This small infusion of funds is intended to assist South County small restaurants to remain open and continue to provide meals during this national emergency. South County EDC wants to invest in the small and independent restaurant establishments that make up a big part of the economic landscape of the region and is spearheading these efforts with a projected $250,000 in loans.
Loans will have no application fees and no pre-payment penalties. Furthermore, and in alignment with government and health official guidelines, the application process will be conducted entirely through the South County EDC website only, with no face-to-face interaction. Applications are available to download and submit online and checks will be mailed to the approved businesses to limit personal contact and continue to comply with social distancing recommendations.
“As an economic development organization, South County EDC has always prioritized the economic health and well-being of South County businesses and communities,” said Cindy Gompper-Graves, CEO and President of South County EDC. “In an effort to support businesses through this evolving and challenging situation, South County EDC hopes to provide some economic relief to restaurants experiencing disruptions. We are here to invest in our small businesses that represent the fabric of our economy.”
To download the application and view the full list of qualifications and criteria to be eligible for this loan, visit www.SouthCountyEDC.com and click on the Coronavirus tab on the home page.