Small Business Pandemic Response Loan (SB-PRL)

Loan Goal: Provide immediate small business loans to businesses immediately impacted by COVID-19.

Funding Source: Former City of De Pere CDBG-RLF (CDBG-Close)

Program Funding Amount: $500,000

Availability: On or before April 6, 2020. In lieu of traditional loan agreements, the City established a “verified” application process requiring a notarized signature and promissory note.

Overview: Provide up to $10,000 in zero-interest loans with flexible repayment terms to small businesses to be used to support certain small business activities throughout the City of De Pere that have realized a significant financial hardship as a result of the COVID-19 pandemic.

Eligible Businesses: Eligible Business means a business in an industry outlined in Emergency Order #12 – Safer at Home Order, or any subsequent Emergency Order, or demonstrates it is otherwise affected by the COVID-19 outbreak. Businesses with less than 20 employees are eligible for up to a $5,000 loan. Businesses with more than 20 employees are eligible for up to a $10,000 loan. Eligible businesses must demonstrate the following:

  1. The company can demonstrate an income loss as a result of the Emergency Order #12, or the COVID-19 outbreak;
  2. Is located within the City of De Pere;
  3. The company needs working capital to support payroll expenses, utility expenses, or other similar expenses that occur in the ordinary course of business.

Eligible Uses: Loans may be used for working capital to support payroll expenses, utility expenses, rent and mortgage payments, or other similar expenses that occur in the ordinary course of business. Applicants are encouraged to also work with landlords and mortgage institutions to arrange rent reductions and/or payment deferrals.

Ineligible Uses: Loans are not available for:  property management/landlord for either commercial and/or residential customers, any speculative venture, investment venture, research and development or home- based occupations.

Interest Rate: 0.00% per annum

Term: 48 month term with 12 months of deferred payments, principal payments shall begin one year from the date of distribution.

Example Loan Payments: 

$5,000 Loan: $140/month after 12 months of deferred payments
$10,000 Loan: $280/month after 12 months of deferred payments

Approval: Submission of an application does not guarantee funding, and all applications will be reviewed by the Director of Development Services and the City Attorney.  Any applicant can decrease or decline funding upon notification of approval.