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