City offers local virus business relief loans

Is your business, or your employer, struggling to pay bills under the crunch of coronavirus restrictions?

If you’re in Norton, you have an option beyond the economic relief package that the federal government is still working to roll out.

Meeting Tuesday night, city council authorized City Manager Fred Ramey to launch a special loan program, called Norton Strong, aimed at helping city businesses “pay rent and keep lights on during this crisis,” Ramey explained in an email.

The city’s Rural Business Enterprise Grant Program will make a loan to the Norton Industrial Development Authority to fund the program.

“By doing so, we are encouraging our small businesses to continue serving our community and to keep Norton working by remaining open,” Ramey wrote. “Keeping businesses open also ensures employees continue earning paychecks to keep their lives moving forward during this difficult time.”

A small business could receive a $5,000 loan at zero interest, with no payments due for six months.

After six months, the balance could be paid in full at any time or repaid in equal monthly installments, still at zero interest, for up to 54 months.

Along with being located in Norton, the business must have a “brick and mortar” location instead of being home-based. It must have an active business license and be current on local taxes.