Birmingham City Council will hold special-called meeting on Wednesday to consider small business loan program

Following an extended meeting on Tuesday, Birmingham City Council President William Parker has scheduled a special-called Council meeting for Wednesday at 9:30 a.m.

The Council will be considering an item that would authorize the City to enter into an Emergency Loan Fund Administration Agreement with the Birmingham Resource Center for a total of $1.2 million. That money would be used to administer small business loans throughout the city to eligible companies that apply.

Businesses with under 50 employees will be able to apply for loans up to $25,000 — with the average being around $10,000 — in order to prevent staff reductions, offset loses due to COVID-19 and to sponsor sick leave for employees. The loans will have 180-day repayment terms with zero interest.

“Small businesses are the backbone of our city and we’re are committed to doing everything we can to help them stay afloat during this time of economic uncertainty,” President Parker said. “The Council has been working hand in hand with the Mayor and his team to chart the best course of action. We want to be able to help as many businesses we can and be intentional about how we are deploying these resources.”

Small businesses that are interested in applying for the loan program can find those resources at: https://bhamstrong.com/