Mayville Approves COVID-19 Revolving Loan Fund To Help Small Businesses

(Mayville) The Mayville Common Council has passed a resolution establishing a revolving loan fund to assist small businesses effected by the COVID-19 pandemic. City officials hope this initiative will sustain the tax base, ensure the highest use of commercial property, stimulate recovery and encourage economic growth and retain Mayville’s business climate. The city contributed $150-thousand dollars to the revolving loan fund that was set up two years ago to help area businesses get money for development or expansion plans. Mayor Rob Boelk says they have reallocated money from that fund to specifically help businesses impacted by COVID-19. Businesses can apply for loans between $1,000 and $8,000 which would be paid back at a rate of two-percent over a five-year period. Boelk says the money can be used on capital, pay roll taxes, mortgages, utility bills and their insurance. Eligible small businesses must have fewer than 30 full-time employees and must demonstrate significant hardship as a result of the coronavirus pandemic. Interested businesses are required to pay a nonrefundable loan initiation fee of $350 before the revolving loan fund program can finish processing the application. Boelk says the $350 covers attorney fees and administrative costs. He adds that this program should help many small businesses that are having issues receiving state and federal money get through the next couple months. Businesses can begin applying May 18th.