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Emergency Business Assistance
Summary:
Uptown Lexington businesses have survived many local and national crises, however, most recently the pandemic of COVID-19 is threatening to devastate economies across the globe. Uptown Lexington was formed to assist and grow business. We cannot think of a time when our help is needed more. In response to growing concern from merchants on revenue, Uptown Lexington proposes to put a needs based assistance program into action effective April 1, 2020 with the ability to close the program at any time.
Funding Available:
$30,000 until July 2020 with possibility of $25,000 additionally.
Assistance Program:
· Businesses can apply for up to $5,000 in funding from Uptown Lexington to assist with rent, utilities, salaries, and light inventory.
· Requests can be made up to 3 times as long as requests do not exceed the max.
Requirements:
This is a first come- first served basis with showing proof of need. Please only request what is absolutely necessary as we are trying to save as many Uptown businesses as possible. Applicants will be required to provide:
· Revenues for the month requesting from 2019
· Current rent
· Utility invoice for previous month
· Proof of salaries
Repayment:
Repayment of funds will begin in January 2021 with a minimum monthly payment of 5 percent of the principal borrowed. I.E. max amount borrowed $5,000 = $250 monthly payment until repaid (20 months). This is a zero percent interest loan to buffer through the economic downturn.
Application Process:
Applicant must request funds in writing, providing the aforementioned documentation. All documents will be reviewed by the Executive Committee or another duly formed committee. This program is open to all for-profit businesses within the Uptown District. Each award will be based upon need. Applicant must be willing to enter legal agreement with Uptown Lexington regarding repayment. Payment will be made directly to the business owner.
For more information:
Contact: Elizabeth McGee