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Lakewood City Council approves small business loan program

May 22, 2020

The Lakewood City Council approved a new small business no-interest deferred loan program for low income businesses affected by COVID-19.

Applications will be available in June. Details of the program are being finalized. Once complete more information will be shared about how to apply and who is eligible.

The city received $350,611 in grant money awarded by the Department of Housing and Urban Development through its Community Development Block Grant (CDBG) program as part of the federal CARES Act.

This money is specifically for assistance related to COVID-19 impacts in one of all three of the following categories:

  1. Public Services;
  2. Housing;
  3. Economic development.

The Lakewood City Council voted to use the entire grant amount for emergency economic development assistance for small businesses in Lakewood. The assistance will be in the form of a no-interest deferred loan of up to $10,000.

Special attention is being given to assure the program is available to all qualifying Lakewood businesses. The goal is to design a program that keeps administrative costs low, simplifies the application process and provides the financial award as quick as possible.