Columbia of Columbia opens applications for the Small Business Stabilization Forgivable Loan Fund (SBSF)
March 30, 2020
The City of Columbia has opened applications for the Small Business Stabilization Forgivable (SBSF) Loan Program intended to provide small businesses immediate assistance that are struggling to access capital and keep their doors open due to the impact of COVID-19. City Council discussed funding the SBSF program in Council Session on Friday, March 20th and were presented the program guidelines during Council Session on March 26th. Council voted unanimously to fund the $1M SBSF Loan Program and directed staff to open applications as quickly as possible.
The SBSF loan is open to eligible businesses within the corporate limits of Columbia that can demonstrate revenue decreases resulting from COVID-19. The City of Columbia defines a small business as a business with fifty (50) employees or less. Due to the severity of the COVID-19 impact, this opportunity is available to businesses with up to 100 employees. Priority will be given to businesses with five (5) or less employees, and businesses with up to fifty (50) employees.
The program guidelines and application have been placed on the City’s website at www.columbiasc.gov for easy access. If a business is not equipped to complete the application online, they are encouraged to send an email to [email protected] for guidance. Questions regarding the program can also be directed to [email protected].
On Wednesday, March 17th, the City released a Small Business Survey geared at understanding the COVID-19 related impacts and needs of small businesses throughout Columbia. Results of the survey were used in the development of the SBSF Loan Program. In addition to applying for the City’s SBSF loan program, businesses are encouraged to be mindful of other opportunities to include programs being funded through SBA, https://www.sba.gov/disaster.
The program will remain open for applications until all funds have been committed. It is believed funds will be exhausted within a short period, so all small businesses located in the City limits meeting the criteria of the program are encouraged to apply quickly. The program guidelines and application, along with other information targeted at supporting small businesses can be viewed at the City of Columbia website here: https://www.columbiasc.gov/obo.
