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City Announces $106K in Small Business Loans

May 7th, 2020 by WCBC Radio

The Cumberland Mayor and City Council voted unanimously this week to establish  a Small Business COVID-19 Relief Fund. Utilizing $106,000 from an existing Revolving Loan Fund, the new program will assist businesses within the city limits that have taken a fiscal hit as a result of the Coronavirus pandemic.  The fund provides 36-month interest-free loans to eligible employers. The loans will include a six-month grace period before the 36-month term for payments commences. Businesses with less than 15 employees will be eligible for up to a $2,500 loan; employers with 15 to 30 employees up to $5,000; and those with 31 to 50 employees up to a $7,500 loan. Mayor Ray Morriss…

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