ARC Announces COVID-19 Grants For Lenders Helping Small Businesses
The Appalachian Regional Commission has announced $3.75 million for banks and other lenders who have lost money during this global coronavirus pandemic.
Specifically, the grants are for lenders who work with small or local businesses and nonprofits in the ARC’s 13-state coverage area.
In a press release on Monday, the commission stated the grant will help approved lenders cover their own operational costs, as they continue to lose income from their local business borrowers, who due to the COVID-19 crisis need to reduce or suspend the regular loan payments.
The ARC anticipates the grant will serve 400 businesses and nonprofits in Appalachia, it said, and it could help retain 200 regional jobs.
Interested lenders have to be a member of Appalachian Community Capital to apply, or they have to have previously been funded by the ARC. The commission said the money will be awarded later this month.
Emily Allen is a Report for America corps member.