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Orem is offering small business loans to help businesses trying to regroup from the effects of the COVID-19 pandemic.

It has taken six months to get a policy manual in place, but the city is now ready to move forward with loan applicants.

“While Orem businesses have received over $1.8 million in recovery assistance from the Utah County Cares Act Small Business Grant program and the City’s restaurants have received over $80,000 from the Mountainland Association of Governments (MAG) Restaurant Assistance Program, many businesses need further financial help,” said Kathi Lewis, Orem’s Economic Development Division director.

The City of Orem was awarded $500,000 in federal CARES Act recovery assistance funding by the Economic Development Administration Division of the Department of Commerce to create the CARES Act Revolving Loan Fund.

“This loan fund will assist small businesses, who were financially impacted by the COVID-19 pandemic, to recover by providing low-interest loans to qualified businesses,” Lewis said.

“Small businesses are the lifeblood of the Orem community and the City of Orem is excited to be able to offer valuable financial assistance and support through the CARES Act RLF program,” Lewis added.

Applicants must possess a current Orem business license, be located in Orem, be able to show that their business suffered financially as a result of the COVID-19 pandemic, pass through underwriting, and receive the approval of the Loan Approval Board, among other requirements detailed on the CARES Act Revolving Fund website and loan application found at http://econ.orem.org/cares/.

Loan applications will be processed on a first-come, first-served basis until June 1, 2022, or until the funds have been exhausted.

“These loan funds come at a critical time to give Orem businesses access to needed capital to bounce back, stabilize and recover financially from the pandemic,” Lewis said.

“We look forward to processing the loan applications swiftly to provide our small businesses with much-needed financial support through this new loan program,” Lewis said.

Business owners are invited reach out to Lewis at 801-229-7079 or by email at kmlewis@orem.org with any questions they may have about the CARES Act RLF.

Source: https://www.heraldextra.com/news/local/central/orem/orem-offers-small-businesses-struggling-due-to-covid-low-or-no-interest-loans/article_34e4bd2f-bcc2-5036-974f-4858113ca10e.html