University City Announces Forgivable Small Business Loan Program

Press release from the City of University City:

April 30, 2020

The City of University City is pleased to announce a Small Business Assistance Forgivable Loan Program. The intent of the program is to save jobs and provide local small businesses with financial relief that is needed due to the crippling economic impacts of the coronavirus. The program sets aside $1 million of funds, that can only be used to promote economic development activity, for an eligible small business to access for addressing operational needs such as payroll, payment to service providers, utilities, and suppliers. Funds cannot be used for rent or capital purchases. This fund is generated by a special tax and is not money coming from the University City General Fund.

University City Mayor and Council approved the Small Business Assistance Forgivable Loan Program on Wednesday, April 29, 2020. “My colleagues and I are pleased that we can assist our businesses when they need it most. We appreciate the foresight of the community that levied a tax on itself in 2006 that resulted in this fund being available today,” Mayor Terry Crow said. “We commend the work of the Economic Development Retail Sales Tax Board and our City Manager and his staff to get this program developed in such a short time.”

Applications for the Small Business Assistance Forgivable Loan Program round one will start being accepted on Monday May 4, 2020. To qualify for funds applicants will need to show proof of being approved for the Federal Payroll Protection Program or a Small Business Association Loan. To learn more about the program potential applicants are encourage to contact Clifford Cross, Director of Planning and Development at 314 -505-8516, or email at ccross@ucitymo.org.

This press release was produced by the City of University City. The views expressed here are the author’s own.