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Loans available to small businesses

LISBON –The Community Action Agency of Columbiana County is utilizing some of its small business revolving loan funds for emergency loans for local non-essential small businesses that continue to incur expenses.

The CAA currently has $50,000 in funds it intends to make available to those county businesses struggling during the COVID-19 pandemic. The funds will not be able to be used to provide for wages or benefits. The maximum and minimum loans are $5,000 and $1,000, respectively.

Although the CAA has flexibility to create this new type of loan fund, it must continue to follow certain guidelines, such as household income limits and number of employee limitations. The program is in recognition that many small businesses classified as non-essential were required to close due to the governor’s order but still have overhead costs. Applications will be expedited as quickly as possible, and the CAA is waiving all application and loan fees..

To learn the particular details and download an application go the CAA website at www.caaofcc.org or individuals may call 330-424-4013 to have one sent to them. Questions can be directed to Marti.grimm@caaofcc.org.

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