Birmingham Strong is a new emergency loan program that was developed to aid small business owners in Birmingham, AL who are facing financial coronavirus-related burdens. Licensed for-profit businesses with fewer than 50 employees within the Birmingham city limits that have been operating for at least one year are eligible to apply. The deadline for the first round of applications is 11:59 PM CDT March 27.
The loans will be between $10,000 to $25,000, interest-free for 180 days. After that, a 24-month payment plan begins.
Loans must be used to (a) prevent staff reductions; (b) offset losses related to the Coronavirus; and (c) help companies sponsor sick pay for workers.
A second round of applications could open if funds become available. Businesses will be notified on April 3 if their loan application was approved or rejected. Loan documents will be signed and checks disbursed from April 6 to 15.
The loan fund is operated by the Community Foundation of Greater Birmingham.
