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The original item was published from 7/10/2020 4:47:00 PM to 7/13/2020 10:59:04 AM.

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Posted on: July 13, 2020

[ARCHIVED] City reminds businesses to apply for loan program

Empty street block in downtown Victoria

PHOTO: Foot traffic in downtown Victoria has been slower than usual because of the COVID-19 pandemic.

The City of Victoria still has funds available to small businesses in Victoria through its Business Resiliency Microloan Program, a partnership with PeopleFund to assist businesses that are struggling because of COVID-19.

PeopleFund logoThe program was approved by the City Council on May 12 and began accepting applications May 18. Small business owners can apply for loans up to $50,000, but at least 75% of the loans approved will be for amounts no greater than $25,000.

Danielle Williams, director of the Victoria Main Street Program, has been helping downtown business owners navigate the pandemic by promoting funding sources such as the Business Resiliency Microloan Program. She has received positive feedback from downtown business owners on the program’s user-friendly application process.

“Having this type of funding source is very beneficial to them,” Williams said. “Even though businesses are starting to reopen, downtown is still seeing a reduction in foot traffic because people are being cautious.”

Before applicants can be considered for the loan program, they must first apply for any federal funding that is available to them, such as Small Business Administration loans. PeopleFund staff are available to help with this process. 

Applications are processed through PeopleFund’s website.

To apply, visit www.peoplefund.org, and click “Get a loan.”Apply Here button

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