On March 20, 2020, the City of Columbia City Council approved funds to launch the Small Business Stabilization Forgivable (SBSF) Loan Program to provide short-term loan relief to businesses within the corporate limits of Columbia that are seeing a reduction in revenue because of COVID-19. The City of Columbia recognizes the need to support small businesses that are struggling to access capital and keep their doors open in response to COVID-19. SBSF loans of up to $10,000 will be made at zero interest in an effort to mitigate losses experienced by our small business community. This amount may be adjusted to provide immediate assistance to as many small businesses as possible.
In accordance with our Commercial Revolving Loan Fund policy, the City of Columbia defines a small business as a business with fifty (50) employees or less. Due to the severity of the COVID-19 impact, this opportunity is available to businesses with up to 100 employees. Priority will be given to 1.) businesses with five (5) or fewer employees, and 2.) businesses with up to fifty (50) employees. Eligible applicants must demonstrate revenue decreases by 30% or more due to the COVID-19 crisis. Additionally, priority will be given to our most vulnerable business owners as indicated by the City of Columbia’s 2020 COVID-19 Survey of Small Businesses and assessments made by other local, state, and national public entities.