City-backed business loans provide more than $750k in aid

A city of Columbus sponsored loan program is providing more than three quarters of a million dollars to help local businesses hurt by COVID-19 in the program’s first round of applications.

Robin Hilber with the city’s community development department says that the Columbus INvigorate loan committee met on Friday to consider 57 applications, with the committee awarding $757 thousand in funding to 46 local businesses.

16 of the businesses are located in the central part of Columbus and the group included 20 retailers, nine health and fitness businesses, eight personal services businesses, six restaurants, two child care providers, and one small manufacturer. The loans ranged from $5,000 to $25,000.

To qualify for the loans, the business needed to be operating by January 1, have fewer than 50 employees, have no more than $2 million in gross receipts, and show a decline in sales as a result of the pandemic, Hilber said.

The loans carry a 1% interest rate and have a six-month interest and principal deferral period.