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Small Business Relief Loans Available

March 25, 2020 By Joe Pagano

Wayne County and TCF Bank launched a $6 million small business relief loan program.

Program details

  • Loans will be for a term of 12 months with interest rates of two percent or less
    • First six months consist of interest only payments
    • Amortizing payments during second six months, with balloon payment at the end of the 12 months
  • Available loan amounts will range from $5,000 to $50,000, depending on number of employees
  • Loan to be secured by business collateral, with guaranties by individuals with at least 20% ownership

Eligibility

  • Business has been established for at least one year
  • Credit approval guidelines are met
  • Business is:
    • identified as a small business, which is a business that employs fewer than 100 employees or has revenue of approximately $1MM or less
    • located in a low income census tract
    • in good standing with County, State and not in delinquency with creditors, prior to COVID-19 emergency
  • Business suffered substantial hardship (at least 25% loss of revenue) due to COVID-19 emergency and will use proceeds to assist with that hardship

Click Here for the entire outline of  this program.

 

 

 

 

 

Filed Under: Events, Featured

WELCOME TO FLAT ROCK

The first Euro-American settlers in Flat Rock were Michael Vreeland and his five grown sons between 1811 and 1820. Michael had been captured by British Rangers during the Revolutionary War and released after American independence.

The family purchased 800 acres (3.2 km2). The town was called the Village of Vreeland until 1838 when the Vreeland family sold off the majority of the land and relinquished control of the area. The Vreeland families built the first grain and lumber mill, having brought the grinding stones from New York.

Descendants of Michael Vreeland still live in the town and attend Flat Rock public schools, being the seventh generation to reside in the town their family founded.

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  • City of Flat Rock
  • City-Data.com: Flat Rock, MI
  • Downriver Greenways
  • Flat Rock Community Center
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  • Flat Rock Community Schools
  • Flat Rock Historical Society
  • Flat Rock Library
  • Wikipedia – Flat Rock, MI.

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Email:
flatrock.dda@gmail.com
Phone:
(734) 782-2455

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