The coronavirus shutdowns have hurt local businesses and the Village Board is taking steps to assist them through a loan program.
Trustee Jeannine Mayer spoke about the proposed program at the regular Village Board meeting on Monday, February 1. It would allow businesses to borrow money for “general business obligations” such as payroll, mortgage, utilities and supplies. Loans would range from $2,000 to $75,000 at a rate of 1.5 percent for terms of up to five years. Recipients would have one year with no payments, and interest does not accrue in that time, Mayer said.
“I think it’s a great idea,” said Mayor Bill Murphy.
“I think it is, too,” said Trustee Vincent Buono.
“So what we’re offering is our own Covid-19 package for local business owners,” Murphy said.
“We have never lost money on any business we’ve loaned money to,” Mayer said.
Asked whether she had concerns, Village Treasurer Paula Kerbert said, “none whatsoever. I think it’s a great idea.” The village has about $475,000 in the fund the proposed loans would come from, Kerbert said.
“This is money we have in the bank,” Murphy said. “We do make one and a half percent; which isn’t much, but it isn’t like we’re giving it away. It’s a win-win.”
Mayer said she would start the process of enacting the needed local law, including advertising and setting a public hearing.
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