If you are a Winooski based business experienced difficulties during the Covid-19 pandemic, please, keep reading. The city of Winooski is teaming up with Opportunities Credit Union to help local businesses adapt during these difficult times. You can get an emergency business loan up to $10,000 with a term of 5 years. If your business has been in operation in Winooski for at least three years, you are automatically qualified.
The Winooski Small Business Loan (WSBL) program offers 0% interest for the first 24 months and defers the principal payments for the first four months of the loan. This makes it easier for you to keep your business running as the city and state pandemic orders keep businesses from being open, or for businesses with lower capacity limits.
The WSBL program will give businesses the leeway to adjust under any remaining mandatory closure orders. Opportunities Credit Union and the city of Winooski are committed to helping our local businesses navigate the changing economic landscape with our lending programs. Keep your business running with the WSBL program by contacting Tim Carpenter at Opportunities Credit Union.
- Total funds available: $200,000
- Maximum loan: $10,000
- Loan term: 5 years
- Interest rate 0% for the first 24 months
- Interest rate adjusts to 5.25% month 25 for rest of term
- Payments: interest-only for the first 4 months, with interest rate buy-down by the City fund to 0%. (first 4 months payments from borrowers = $0)
CRITERIA FOR QUALIFYING
- Any business that has been operating in Winooski for at least 3 years is automatically eligible
- Businesses that have been operating for under 3 years will be required to provide financial statements per the standard WSBL policy guidelines
- Download and fill out the application
- Download and fill out the authorization form
- Send the documents and submit by using the form below