Small business owners in Millcreek hard hit by the pandemic are getting help from the township.
During their meeting last night, Millcreek Supervisors approved a new loan program. Businesses impacted by the COVID-19 pandemic can receive loans up to $25,000 at 0% interest.
The loan program is open to small businesses that have both a physical location within Millcreek Township and local ownership residing in Erie County. Additional eligibility guidelines can be found here.
The loans will be amortized over a four-year period at zero percent interest.
- If repaid in full within 12 months of closing, 10% of the loan will be forgiven (i.e. converted to a grant)
- If repaid in full within 24 months of closing, 5% of the loan will be forgiven (i.e. converted to a grant)
The loans are for lease and mortgage payments, as well as, utility costs for up to three months.
“The fact that Millcreek is trying and they’re putting something together, they actually call you and ask you for your input on how this might work, is really assuring to be fair. So, all credit to them for trying to help out,” said John Melody, business owner.
“When the governor once again closed down restaurants and taverns back in December, we thought, well here’s an opportunity for us to help out local small businesses in a meaningful way,” said John Morgan, Millcreek Supervisor.
Morgan went on to say the loans will not only help the business owners, they will also help landlords.
The application period opens Monday, Feb. 1, and closes Friday, Feb. 12. (Funds are limited and priority will be given to retail food industries impacted by the Governor’s prohibition on indoor dining.)
For more details visit millcreektownship.com or contact the Erie County Redevelopment Authority directly at 814.480.0337 x103.