ASSETS’ COVID-19 Emergency Loan is designed to provide immediate loan relief to small businesses negatively impacted by COVID-19. The goals of the fund are to:
- Help sustain small businesses amidst the COVID-19 crisis
- Help small businesses retain employment
- Help small businesses avoid predatory lenders
- Help small businesses with cash flow
- Maintain the provision of goods and services for Lancaster residents
Apply for ASSETS’ COVID-19 Emergency Loan to secure $5,000 – $15,000 for your small business. This application requires minimal preparation and the approval period is up to three (3) business days once both steps of the application are submitted.
Business owners are encouraged to complete the application as quickly as possible. Funding is limited but our goal is to help as many businesses as possible. Given the anticipated high demand for this program and our desire to process applications as quickly and as fairly as possible, we ask for patience in response.
- Loan Size: $5,000 – $15,000
- Term: 36 months with deferred payments for 3 months, followed by 3 months of interest-only payments
- Interest Rate: 6%
The Review Committee will consider the following priorities when awarding loans:
- Prior engagement with ASSETS
- Business history
- Number of employees
- Long-term sustainability
- Severity of current need
- Positive business practices
Based on the applicant pool, the Review Committee may choose to add further priorities or change eligibility criteria.
- Applications will be reviewed on a rolling basis with an approval period of up to three (3) business days once both parts of the application have been completed.
- There are two parts to the application. Upon submission of this application, applicants will receive an email with instructions on how to submit the following required documents (waived if you have received a previous loan from ASSETS within the past year):
- Most recent tax return
- Year to Date Profit & Loss Statement
- January, February, and March 2020 business bank statements
- Business Debt Schedule (download here OR find in your application confirmation email)
- Signed Credit Authorization Form (download here OR find in your application confirmation email)