Overview - Interest free, financed for 48 months with payments deferred the first 12 months.
- The first payment is due on the 1st of the 13th month.
- The payment amount will be determined by dividing the loan amount by the remaining 36 months.
- If payment becomes 30 days past due, a 2% interest rate per annum will be assessed to the remainder of the loan.
- Eligible applicants must be in business since January 2019 and;
   - Have been affected by the COVID-19 closures and regulations during the 2020 year; or
   - Are a new or existing business expansion that will help the town fill some vacancies left by businesses during the COVID-19 pandemic
- The applications will be processed by David Warrington and Town Accounts Receivable Staff, then prepared for review by the Loan Review Committee (Committee)
- Requests may be made from $5,000-$10,000, but Review Committee can scale back any request made to a lesser amount, down to $5,000.
- Committee approval based on an analysis of the application materials and potential viability of the business.Funds may be used for inventory, technology, operating expenses, interior building improvements, and/or exterior building improvements.
- Must be brick and mortar business that contributes to our tax base*, provides a service, product and employment opportunities. *Contributing to the tax base as; a real property tax holder at the business location, a licensed business with the Town of Mount Airy and/or pays Tangible Business Personal Property Taxes to the Town of Mount Airy.