Richmond Economic Development Authority creates no-interest disaster loan program for small businesses

The Richmond Economic Development Authority today created the Richmond Small Business Disaster Loan Program (COVID-19), which will offer interest-free emergency loans of up to $20,000 to small businesses within city limits.

The program is intended to provide relief to small businesses who have been affected by the COVID-19 pandemic. Monies will go toward paying employee wages, empowering local, small businesses to continue operating and keep employees on their payroll. 

“Small businesses have made Richmond the thriving culture capital we love,” said Mayor Stoney. “They’ve been understanding, patient and selfless in adapting to the recent social distancing guidance, no matter the economic consequences for them. This loan program is one way we can help provide some relief and support in this tough time.”

The maximum loan amount for the program is six months of current employee wages or $20,000, whichever is less. Loan payments will be disbursed over six months.

Repayment of the loans will be deferred for six months, followed by 48 months of no-interest payments.

Small businesses interested in applying should fill out the application and provide the required documentation via email. The application will be available starting Monday, April 6.  

Funding is limited. Applications will be considered in the order they are submitted.