Mayor William P. Sapelli and the Agawam City Council announce that a business loan program has been established by the Town of Agawam to assist struggling businesses during the COVID-19 pandemic. A resolution has been enacted by the Mayor after a unanimous vote by the City Council at a meeting held remotely last night which allocates $250,000 from the Town’s Stabilization Fund to fund the business loan program. Businesses may be eligible to receive up to $10,000 in a zero interest loan. Repayment would begin January 1, 2021.
Mayor Sapelli commented that many small businesses in Town are facing challenges no one could have imagined several months ago. The loan program is the Town’s effort to help any small business remain solvent through the economic crisis caused by the pandemic and give them time to get back on their feet. Mayor Sapelli is committed to supporting small businesses in any way possible during this crisis.
City Council President Christopher C. Johnson noted that this program will provide businesses access to a 0% interest loan in a matter of days that some desperately need. President Johnson is proud of the Town taking decisive action when the SBA federal loan program may get tied up in red tape and take weeks before loans are received by businesses. The Council wholeheartedly offered their support of the program.
Highlights for eligibility include:
Businesses must employ at least 1 full time person
Businesses must have operated in Agawam for a minimum of at least 12 months. Businesses operating for less than 12 months will be evaluated on a case by case basis
Businesses must be in good tax standing with the Commonwealth and Town
Mayor Sapelli and Council President Johnson both stated that the loan program funding would be revisited if the funds are depleted quickly based on urgent need in the business community.
Loan applications will be available by Monday April 6, 2020 on the Town’s website at Agawam.ma.us. Completed applications are be submitted electronically to the Office of Planning and Community Development Director Marc Strange by email at MStrange@agawam.ma.us. In the alternative, printed applications can be submitted at the front door box of Town Hall.
William P. Sapelli, Mayor
Christopher C. Johnson, City Council President