Arkansas businesses have another shot at getting financial help to power through the pandemic.
Last week, the Board of Directors for the Central Arkansas Planning and Development District (CAPDD) put the final stamp of approval on the CARES Act Revolving Loan Fund (RLF).
CAPDD was recently awarded a roughly $1 million grant from the U.S Economic Development Administration. This means Arkansas small businesses operating within CAPDD’s Six County district may apply for a share of $910,000.
This loan program is only available for “profitable” businesses who have been in business for at least two years; but, which are currently struggling due to the economic impact of COVID-19. The loan is designed to help these businesses remain financially viable, expand operations, retain and expand employment.
Applicants must submit a hard-copy application to CAPDD no later than 4:30 p.m. on the first Tuesday of each month for consideration at the next scheduled CAPDD Board of Directors meeting.
The RLF loan application and website can be viewed at the following link under the CARES Act section: https://www.capdd.org/covid19
Also note that CAPDD launched a new webpage that includes resources for local government and local businesses. This webpage will be updated on a regular basis.