Download Application: http://www.mcdonoughga.org/home/showdocument?id=11862
MCDONOUGH, GEORGIA – March 30, 2020 – At a Special Called Meeting held on Monday, March 30, 2020, Mayor and Council approved a Resolution to create a loan program designed to benefit local businesses located within City limits.
The Resolution provides that the City of McDonough will transfer $150,000 from the general fund to the Downtown Development Authority, which will be responsible for managing the program. Sixty percent of the loans will be distributed to eligible businesses located within the Downtown District, while the remaining forty percent will be distributed to businesses located throughout the remainder of the City of McDonough
Loans will be available for up to a maximum of $3,000 per recipient, which will allow the City to assist a minimum of at least fifty local businesses. In order to be eligible for the loan program, a business must meet the following criteria:
• hold a current 2020 City of McDonough occupational tax permit
• have a minimum of one full-time employee or independent contractor in addition to the business owner
• remain open on at least a part-time basis during the COVID-19 emergency period
• be current in all revenues payable to the City of McDonough
In addition, eligible businesses cannot be owned by a member, or family member, of the City’s governing authority or the Downtown Development Authority.
More information on how to apply will be released before the end of the week, as details relative to the application process are still being finalized. Please visit the City of McDonough’s website at www.mcdonoughga.org or the City’s social media for updates and the latest information.
For more information, please contact:
Trisha Colpetzer, PIO
City of McDonough