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Salem Announces New Small Business Loan Fund with Technical Assistance Services
December 16, 2020
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Salem Announces New Small Business Loan Fund with Technical Assistance Services
$1 million loan fund the result of government, non-profit, and for-profit entities working together to provide capital, technical assistance to Salem businesses during COVID pandemic and beyond.
The City of Salem is pleased to share a new opportunity for Salem’s entrepreneurs and business owners to access capital and technical assistance to start or to grow their business. The Salem Small Business Loan Fund offers loans to Salem’s existing and start-up businesses that cannot currently access financing from a traditional bank or credit union lender. Loans will range from between $5,000 to $100,000 with a one percent closing fee, feature a fixed interest rate, and have a term of up to five years.
To qualify, businesses must demonstrate the following:
- The business owner(s) is 18 years of age
- The business is located, or will be located, in Salem
- The community would benefit from the business project
- A minimum of 20% to invest in the project
- A willingness and capability to repay the loan
Business owners that are interested in the Salem Loan Fund can learn more about it at http://mccinvest.org/salem/