APPLICATIONS FOR SMALL BUSINESS LOANS IS CLOSED. PLEASE RETURN TO THIS POST FOR UPDATED INFORMATION.
City of Monticello Small Business Loan Press Release - Wednesday, May 13, 2020
City of Monticello Small Business Loan Program Overview/Information
City of Monticello Small Business Loan Application
The City of Monticello is proud to announce a resolution passed at Monday's meeting that assists Monticello small businesses in the form of a loan program. The monies, established by the 'Economic Development Income Tax Fund' (EDIT Fund), are earmarked to:
- promote employment opportunities
- and/or retain/expanding current businesses
The City of Monticello Resolution dated May 11, 2020 can be reviewed here.
On Wednesday, May 13th, the City of Monticello released two documents to business owners. The first, an information/overview document. This document outlines the loan eligibility requirements, the loan approval process, and payment data. It also established a timeline for the review process. The second document is the actual loan application. The first application due date is Tuesday, May 19th at noon. Loans will be awarded on a first come, first serve basis. The application process will close on Tuesday, June 2nd at 4PM or when all the funds have been rewarded.
Loan recipients will be reviewed by the committee weekly, and awards will be distributed by the Clerk-Treasurer’s office as soon as possible after award. Initial payments from the original application deadline are expected to be issued on Monday, May 27, 2020.
To review all documents including the information/overview and application, please click here.