Wayne Co, TCF Bank roll out small business relief loan fund amid coronavirus
WAYNE COUNTY, Mich. (FOX 2) - Wayne County and TCF have partnered to quickly provide thousands of dollars to small businesses in the county who now find themselves struggling amid the Covid-19 pandemic.
The $10 million partnership is targeted to help small businesses in low income census tracts that have been hardest hit. Loans up to $50,000 with interest rates between 0 - 2% will be made to eligible to Wayne County businesses in need.
The Wayne County program is designed to help these small businesses get immediate financial help during the pandemic.
While recent federal government programs have thankfully been enacted to help small businesses, Wayne County and TCF realized such funds may not be dispersed quick enough to provide needed relief and ensure small businesses are able to pay wages, rent, utilities and stay operational.
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LOAN DETAILS
Loan amounts will be available between $5,000 and $50,000 with interest rates ranging between 0 - 2%.
All loans will have a 12-month term with interest-only payments for the first six months and regular payments afterward. At the end of 12 months, the loan will be paid in a single balloon payment.
In order to qualify for the loan, your business must:
- Employ less than 100 employees
- Have annual revenue under $1 million
- Reside in a low income census tract in Wayne County
For more information, contact one of the 15 Wayne County TCF Bank & Chemical Bank banking centers. Loan application and a list of banking centers located in Wayne County can be found at tcfbank.com/waynecounty and chemicalbank.com/waynecounty.