FALMOUTH – A $2 million Falmouth Recovery Loan Fund has been proposed by the Economic Development and Industrial Corporation to Falmouth selectmen to assist local businesses get back on their feet amid the COVID-19 pandemic.
The recovery fund would operate as a revolving fund, with money from one business’s repaid low-interest loan being lent out again to another business.
Interest collected from the fund would allow the EDIC to continue the program after the COVID-19 pandemic has ended.
A loan from the proposed program would typically be between $30,000 and $50,000 and underwritten by a participating bank.
The goal of the fund would be to help businesses get back on their feet and opened by the summer of 2021.
In order to treat every business fairly, a lottery system would be used to determine who would be in the first round of applicants.
About Grady Culhane
