Small Business Pandemic Response Loan program introduced in De Pere; deferment options also available

DE PERE – In order to aid the efforts and operations of local businesses facing unprecedented hardship due to the COVID-19 pandemic, the City of De Pere has enacted the Small Business Pandemic Response Loan program. This program was established through a special proclamation signed by De Pere Mayor Mike Walsh on Tuesday, March 31, and will remain in effect until further notice.

“Our small businesses are the economic backbone of our community and the City of De Pere will do everything it can to help our local partners keep the doors open and the lights running,” said Mayor Mike Walsh.

Under qualifying conditions, the City of De Pere’s new offerings may provide eligible small businesses up to $10,000 in small business, zero percent interest loans (payable over 48 months, including 12 months of deferred payments).  The City of De Pere will also defer existing Revolving Loan Fund (RLF) payments for up to 120 days under eligible conditions.

Details on both of these offerings include:

Small Business Pandemic Response Loan (SB-PRL):

The City of De Pere will provide zero-interest loans, up to $10,000, for eligible small businesses that experienced significant financial hardship as a result of the COVID-19 pandemic. Qualifying businesses with less than 20 employees can receive a $5,000 zero percent interest loan and qualifying businesses with 20 or more employees can receive a $10,000 zero percent interest loan.  Loans are for 48 months including 12 months of deferred payments. The City is attempting to make the loan application as simple and as quick as possible. Businesses are encouraged to see the program guide, application process, and application steps at www.deperewi.gov/loan (Note: This website shortcut may not be active for use until Thursday, April 2).

City of De Pere Revolving Loan Fund:

The City of De Pere will also defer existing Revolving Loan Fund (RLF) payments for up to 120 days upon request from any businesses with outstanding loans provided the company can demonstrate an income loss as a result of the Emergency Order #12, or the COVID-19 outbreak. Principal and interest payments will be deferred while the outstanding balance will continue to incur interest.

Here to help

The City of De Pere hopes these programs provide valuable relief to local businesses during this time of unprecedented uncertainty.

“The City understands there are a wealth of programs and resources at the state and federal level, but not every business has the resources or experiences to access the programs,” Daniel Lindstrom, Development Services Director said, noting these locally-focused measures were carefully crafted by the City, and noted local business owners may reach out to him directly with any specific questions. Lindstrom can be reached by phone 920-339-2370 and by email at dlindstrom@deperewi.gov.

Businesses are also encouraged to review additional programs offered by the Definitely De Pere, Wisconsin Economic Development Corp, the Small Business Administration, and other private and nonprofit sources. Program summaries, links and applications can be found at www.deperewi.gov/loan.

Residents wanting to find out additional information regarding De Pere’s various other responses and measures put in place due to COVID-19 are encouraged to visit www.deperewi.gov/covid19.

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