The Missouri Development Finance Board has announced the new Small Communities Operating Capital Loan Relief Program for Missouri incorporated municipalities under 25,000 in population.
A news release says this program will allow $5 million to be dispersed to communities dealing with the challenges associated with COVID-19.
This program is part of Governor Mike Parson’s “Show Me Strong Recovery” plan, and is designed to provide Missouri communities access to an interim working capital operating loan to address projected fund shortfalls due to COVID-19. The loans are being offered to assist cities in the maintenance of existing governmental services.
Loan proceeds from this program must be used to replace tax, fees or other governmental revenues that have been lost due to COVID-19. Loan amounts range from a minimum of $50,000 to a maximum of $300,000, with a 0-percent interest rate in the first year.
Applications for the Small Communities Operating Capital Loan Relief Program are due by August 31, 2020.
For more information visit mdfb.org/programs.