Mobile Mayor Sandy Stimpson on Tuesday rolled out the latest program supported by COVID-19 relief funds – an initiative to encourage business startups by subsidizing private bank loans.
) - Mayor Sandy Stimpson on Tuesday rolled out the latest program supported by COVID-19 relief funds – an initiative to encourage business startups by subsidizing private bank loans.
The city will use $2 million from its share of the American Rescue Plan Act, passed by Congress in 2021 to help the country recover from the COVID-19 pandemic. Commonwealth National Bank will match that money to create a resolving loan fund that the bank estimates will help 50 to 100 entrepreneurs over the next five years.
Commonwealth President and CEO Sidney King said the taxpayer money will allow the bank to expand its lending and offer a slightly-below-market-interest rate to borrowers in the program. He said those loans mostly would be less than $100,000. “We also know that sometimes there are challenges, and so the bank can only afford to lose so much money,” he said. “But with this additional funding from the city, it gives them some resiliency in making those loans to individuals, ‘casuse we all know that startup businesses … are high risk.”“We’re about to do some major changes happening in this city,” he said. “Mobile is on the verge of explosion; it’s on the verge of growth. And we want to be a part of that.
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