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New loan program allows up to $10k to help Findlay businesses

The program will allow businesses to take out a $10K loan with no interest for the first six months

FINDLAY, Ohio — Thursday was a big day for restaurants across the state with many reopening for indoor service, however it doesn't mean their in the clear financially.

As restaurants prepared all week to be able to host patrons indoors safely, the City of Findlay has launched their new "Small Business Catalyst Loan," program.

This allows local restaurants or businesses to apply for an up to $10,000 loan, with no interest for the first six months, to help offset additional expenses that came up while making their business safe.

"They're taking all of these measures and trying to reopen, but it's going to take a while for their revenue to really rebound. Because they're having a limited number of people coming in, lots of folks are still staying home. And so we want to make sure that we are supporting them so that they can survive long term," said Findlay mayor Christina Muryn.

The loan funding comes from the city's Revolving Loan Fund, which according to mayor Muryn, has about $650,000.

The city is willing to hand out up to $300,000  to see how the program is working before making adjustments.

Muryn said this local loan program could be the lifeline needed to keep local business afloat who may have not qualified for state or federal assistance.

"Because when we pump money directly into our businesses, that means they're either able to keep or hire new employees, they're able to continue to operate which provides an opportunity for people to spend money. So it really becomes that catalyst," said Muryn.

The City of Findlay will begin accepting the catalyst loan applications next Tuesday, and the early applicants who are approved could see that funding as early as the end of the following week.

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