-Loans will be for a term of 12 months with interest rates of two percent or less
First six months consist of interest only payments
Amortizing payments during second six months, with balloon payment at the end of the 12 months
-Available loan amounts will range from $5,000 to $50,000, depending on number of employees
-Loan to be secured by business collateral, with guaranties by individuals with at least 20% ownership
Eligibility
-Business has been established for at least one year Credit approval guidelines are met
-Business is:
identified as a small business, which is a business that employs fewer than 100 employees or has revenue of approximately $1MM or less
located in a low income census tract
in good standing with County, State and not in delinquency with creditors, prior to COVID-19 emergency
-Business suffered substantial hardship (at least 25% loss of revenue) due to COVID-19 emergency and will use proceeds to assist with that hardship
Steps to apply
-Complete the Small Business Relief Loan Fund application
-Provide the following documents:
Previous year’s business tax returns
Previous year’s personal tax returns on all owners with greater than 20% ownership
Description of the impact to business due to COVID-19
-Submit the application and requested documents to TCF Bank representative
Schedule a 1:1 with our team to receive help with this application.
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