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Loans available for businesses impacted by COVID-19

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CARES ACT Downtown EC 07-30-2020

Eau Claire (WQOW) - Area businesses impacted by COVID-19 have the opportunity to apply for financial relief thanks to the CARES Act.

Both the city of Eau Claire and the West Central Wisconsin Regional Planning Commission applied for the EDA CARES Act Recovery Assistance Grant.

And this week, the Economic Development Administration doled out $509,000 to the city's Revolving Loan Fund and $550,000 to the Regional Planning Commission.

Eau Claire Economic Development Manager, Aaron White, said these loans would be zero interest with deferred payment available and heard some business owners wish to use the money to change their business model.

"They want to add an e-commerce or online shopping component so they're making changes to their website. For companies that are now maybe doing curbside service or whatnot, they may be looking at changing their point of sales system, which means they might be looking to purchase some equipment that lets them swipe a card at the curb while they're delivering food outside of their shop instead of having to have people run back and forth to the register," said White.

The city is finalizing details on the application process, and White said more information will be shared in the coming weeks.

The funds can serve Eau Claire, Barron, Chippewa, Clark, Dunn, Polk and Saint Croix Counties.

Katrina Lim

Katrina Lim joined the News 18 team in August 2019 as a multimedia journalist. She was born and raised in Jersey City, New Jersey but has lived in all time zones of the contiguous U.S.A.

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