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City of Green approves $600,000 for loan program to help local businesses impacted by COVID-19

Posted at 9:26 AM, Apr 20, 2020
and last updated 2020-04-20 20:39:54-04

GREEN, Ohio — To help businesses impacted financially by COVID-19, Green City Council unanimously approved advancing $600,000 to the Green Community Improvement Corporation (CIC) to fund an Economic Assistance Loan program to local businesses.

The Economic Assistance Loan Program’s goal is to provide assistance to business in the form of short-term, zero interest loans to companies impacted by the pandemic.

The CIC will provide loans of up to $6,000 for a maximum period of 3 years at a 0% interest rate. As many as 100 small businesses could be helped through the program.

The loan eligibility requirement is for any for-profit company located in the City of Green. The applicant must by the business owner/operator.

The loan can be used for machinery and equipment payments, payroll if the business isn’t receiving assistance from a state/county or federal program, rent, and insurance payments.

“The city of Green is committed to keeping our businesses strong and assisting them in their return to prosperity,” said Mayor Gerard Neugebauer said in a release. “This is just another way we are reaching out to all segments of our community to work together and stay strong through this pandemic.”

Sam Dankoff, Dan Yano and James House own The Town Tavern. Dankoff estimated business is down 80 percent because of the pandemic. Most of the restaurant's 70 employees have been temporarily laid off.

Dankoff said he plans to apply for a city loan to help pay for expenses the business has on a daily basis.

"The city of Green's local program is just a phenomenal opportunity for us especially at a zero interest rate," Dankoff said. "Much like others, we have significantly reduced revenue coming in."

Request an application here.