The City of Delaware has opened a $300,000 revolving loan fund to bolster the city’s small businesses. Any business (or business owner) within city limits is eligible to apply for the low-interest loan program. The fund will be administered by Economic and Community Development Institute (ECDI), a community microlender that is headquartered in Columbus and serves small businesses throughout the state of Ohio.
In a time when a majority of small businesses – even those with a long, stable history – are struggling due to the economic shutdown caused by COVID-19, access to capital can be a sustaining lifeline. Borrowers can request up to $25,000 from the City of Delaware fund, and can access ECDI’s portfolio of funds for additional capital up to $350,000* for their total loan. Funds can be used for any business purpose, including payroll, inventory, renovations or other.
* Any loans over $25,000 will come from City funds plus a variety of other ECDI partner sources.