Monday April 27, 2020 CHELAN — The COVID-19 pandemic has created extremely difficult circumstances for small businesses in our community. In response to the financial hardship the pandemic has put on local small businesses, the Historic Downtown Chelan Association (HDCA) will launch a micro-loan program for qualified applicants starting May 1, 2020.
"This micro-loan program is a way for the HDCA to put needed resources into the hands of our local downtown businesses quickly and with a minimum of red tape." says Erin McCardle, Executive Director of the HDCA.
Loans of up to $5,000 will be available and must be repaid over a period of three years at a rate of 2%; payments deferred for the first 6 months and no interest for the first 12 months. The loans are first come first serve for qualified applicants and total program funding will cap at $100,000.
The application period will open May 1, 2020 and will close May 7, 2020. Priority will be given to eligible applicants who are physically located within the Historic Downtown Chelan boundary as defined in the HDCA bylaws and all applicants must have been members by December 31, 2019 (this requirement is waived for businesses that began operations on or after January 1, 2020). All applicants must have their 2020 HDCA membership in good standing by the time of application.
The HDCA micro-loans will be serviced by HDCA community partner, North Cascades Bank. Bank President, Charlie Guildner says, “At North Cascades Bank, we believe a vibrant downtown benefits the whole Lake Chelan community, which is why we are proud to be providing support for the HDCA micro-loan program.”
Please check the Historic Downtown Chelan Association website for qualification details and to download a copy of the application and instructions. https://www.historicchelan.org/microloan/
The Historic Downtown Chelan Association is a local non-profit working to shape the future while preserving the past of historic downtown Chelan.