Does your business need financial assistance due to COVID-19? The Resilient Columbia CARES Act Revolving Loan is available for City of Columbia businesses. The current financial environment due to COVID-19 has placed a burden on local entrepreneurs who are trying to keep their businesses open in today’s turbulent economy. To “prevent, prepare for, and respond” to the economic injury attributed to the coronavirus (COVID-19), these funds will be used to finance small businesses located within the corporate limits of the City of Columbia that have been impacted by the pandemic. To read more on the Resilient Columbia CARES Act Revolving Loan Fund, click here to view the pamphlet.
This opportunity is only available for businesses located within the City of Columbia corporate limits.
Not sure if your business is within City limits? Enter your address here to check!
The Resilient Columbia CARES Act Revolving Loan Fund provides a financing option to small businesses in an effort to "prevent, prepare for, and respond" to the economic injury attributed to the coronavirus (COVID-19).
- Business owners may apply for a loan ranging from $10,000 - $200,000.
- Loans will be at 0% interest the first year of repayment and 2.5% fixed for the remaining loan term.
- Businesses must be located within the City of Columbia to be eligible.
- Resilient Columbia CARES Act RLF Fillable Application
- Duplication of Benefits for CARES Act Funding
- Resilient Columbia CARES Act RLF Conflict of Interest and Disclosure Certification
- Resilient Columbia CARES Act RLF Business Narrative Template
- Resilient Columbia CARES Act RLF Required Checklist Cover Page
- Resilient Columbia CARES Act RLF Required Checklist Cover Page (for applications $50,000 and less)
- Resilient Columbia CARES Act RLF Uses
- Resilient Columbia CARES Act RLF Ordinance
Templates For Use In Completing Resilient Columbia CARES Act Revolving Loan Fund Application Package
Global Cash Flow Template (for existing businesses)
- Complete this template for the previous 2 years in business.
- Complete the resume worksheet included in the Global Cash Flow Template only once or attach a resume.
Profit and Loss Statement for Applications of $50,000 or Less
SCORE's Financial Projection Template for Start-up Businesses
Download and complete the SCORE's financial projection template if you are a start-up business. An example of a completed start-up financial projection template can be found here.
For assistance in completing this template, we recommend downloading the Financial Projections Template Guide.
Funds may be used for the following:
* Building construction or rehabilitation
* Business conversion or expansion
* Purchase of real estate, machinery, equipment., supplies,
* Working capital
To be eligible for funding through the Commercial Revolving Loan Fund (CRLF):
* Businesses must be located within the corporate city limit of the City of Columbia
* Project must retain or create a certain number of jobs per amount funded
* Certain funds require participation of private lenders and can only be used to fund part of an entire project
* An equity investment on the part of the applicant may be required
1. Contact the City of Columbia's Office of Business Opportunities for more information and to get a loan
2. Applicants must submit the following:
a. Completed Loan application
b. Three (3) years of taxes and financial statements (business and personal)
c. Three (3) years of financial projections for the business
d. Business plan (start-ups) or plan for expansion/rehabilitation. etc.
3. Completed applications are reviewed by staff and if they meet requirements, forwarded to the Commercial
Revolving Loan Fund committee for review and approval/disapproval.
Commercial Loan Application
Commercial Loan Brochure
Commercial Revolving Loan Fund Code - R-2018-061
COMMERCIAL LOAN MEETING AGENDAS
CRLF Agenda 1-14-2021
Commercial Loan Committee Members
Jennifer Bishop, Chair