LFUCG Unanimously Approves $ 2.5 Million Small Business Economic Recovery Program

LFUCG Unanimously Approves $ 2.5 Million Small Business Economic Recovery Program

But, with this program, city leaders hope to save the ones still here. “There are a lot of great places we’ve lost through all of this,” J. Render’s Southern Table and Bar Owner Gwyn Everly said.

Loans will be available for businesses in Fayette County with no more than 50 employees and restaurants with no more than 100 employees. And, another goal of the program is for 50 percent of all funds to go to women and minority-owned businesses and those located in poorer neighborhoods.

Businesses that do retain or grow staff or increase overall payroll will have their loan forgiven. “Those are usually the ones that need it the most,” Everly said. “So, it’s great that they’re actually giving thought to that and letting us have the opportunity to be at the front of the line.”

“This would enable us to keep the people that we have, to possibly find new talent and bring them in because we definitely are hiring,” Everly said. “So, this would be an added boom to what we’re able to pay people and then once we get up and going, we won’t have to rely on that.” Qualifying businesses can apply for up to $25,000, which could be a huge impact for J. Render’s Southern Table and Bar.

Copyright 2021 WKYT. All rights reserved. Commerce Lexington will oversee the application and screening process and will likely start taking applications sometime in June.

Source www.wkyt.com

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