The Lorain County Chamber of Commerce and the Small Business Development Center at Lorain County Community College announced Nov. 6 another collaboration to help small businesses combat the novel coronavirus pandemic, this time with the city of Lorain, according to a news release.
The Small Business Stabilization Program specifically is designed to help Lorain-based businesses prevent, prepare for, or respond to coronavirus and the related economic downturn and recovery caused by it, the release said.
There are two components to this program, the first being a forgivable, no-interest loan designed to help local businesses avoid financial hardship, remain in operation and/or re-open after the state mandated nonessential business shutdown.
The second component is a separate forgivable, no interest loan to protectively retrofit their place of business in accordance with state and county public health guidelines.
Applicants may apply for either one or both components, with a maximum of $10,000 from