As the fallout from COVID-19 upends the economy, some local governments are finding ways to support small businesses within their communities. Small businesses and the workforce they employ are vital drivers of local economies and many local businesses have served their communities for generations.
There is no doubt that small businesses are a vital part of community resiliency, but unfortunately according to FEMA, 40 percent of small businesses that close for just one day after a disaster, never reopen. Another twenty five percent that do reopen, fail within a year.
It is with this in mind that New Jersey's capital city - and GovPilot customer - Trenton has launched an emergency low-interest business loan program for local small businesses.
Utilizing a GovPilot digital form and GIS map that have been made public-facing through its website, the Trenton Business Emergency Loan Program is now accepting applications for low-interest loans to Trenton businesses - to help them remain in business and protect local jobs.
The Loan Fund, provided by the City of Trenton in response to the COVID-19 crisis, is restricted to Trenton businesses within the Urban Enterprise Zone. Businesses outside the Zone are still encouraged to complete an application in the event additional unrestricted funds become available.
“Trenton is not an exception to the economic impacts of our current situation. We are fighting tooth and nail to get cash into the hands of local businesses to help keep them afloat during these difficult times and to keep folks on the payroll who might otherwise lose their jobs,” asserted Mayor Reed Gusciora. “I will not stand by and let generational storefronts close their doors.”
Since 2019, GovPilot has been proud to support Trenton's digital transformation and its current efforts to provide emergency relief to its small business community via a digital form that is convenient for constituents to submit, and easy for city employees to process, even while working remotely.
If you are interested to learn more about how GovPilot can help your government operate more efficiently through IT modernization and a unified government management platform, please request a 15-minute consultation. We look forward to learning more about your needs and answering your questions.
Information about the program as well as the application can be found here: www.trentonnj.org/businesshelp.
All Trenton businesses within the Urban Enterprise Zone are encouraged to apply! Below are some key questions and answers to get you started:
- 1. What is the Trenton Small Business Emergency Relief Fund?
- In response to the Covid-19 crisis, the City of Trenton is providing low-interest loans to Trenton businesses to help them remain in business and protect jobs. Businesses will be able to apply for low-interest loans up to $20,000.
- 2. I have heard that businesses need to be in a certain zone to qualify. Is this true?
- Yes. The only money the City has secured as of today was from the Urban Enterprise Zone (UEZ). UEZ money has to be spent in the Urban Enterprise Zone by state law. We are working to find other sources of money that aren’t restricted.
- 3. Where is the Urban Enterprise Zone? How do I know if I am in it?
- To view a map of the UEZ, click here.
To view a large copy of the Urban Enterprise Zone Map
Sections of this blog post originally appeared in an article in the Trenton Daily by Bryan Evans on April 16th.