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Emergency business micro loans now available

Short-term financial assistance for businesses in Floyd County and Nashua being impacted by the COVID-19 pandemic is being made available through a joint effort by the Charles City Area Development Corporation and Community Revitalization of Charles City.

Utilizing funds from their respective Revolving Loan Funds, the two organizations have created an Emergency Microloan Program for businesses with between 1 – 30 employees. Eligible businesses may receive a $3,500 loan at 0% interest for six months. Repayment will be due at that time. Up to 20 businesses in Floyd County and Nashua will be able to receive loans through this program.  

Applications may be obtained by telephoning Charles City Area Development Corporation or Community Revitalization of Charles City at 641.228.3020 and 641.228.2335, respectively.  The application is posted at www.charlescityia.com and www.charlescitychamber.com.  Electronic mail contacts are Mark Wicks of Community Revitalization at mark@charlescitychamber.com and Tim Fox of Charles City Area Development at tfox@charlescityia.com.   

Loans will be secured via Promissory Note and personal and business guarantees, with a streamlined application process designed to get funds to approved businesses as quickly as possible.  Successful applications will be processed on a first come, first served basis, as long as funding is available.