DeKalb County Launches Small Business Loan Program

DEKALB, GA — The DeKalb County Board of Commissioners approved on Tuesday the DeKalb Better Business Loan Program to assist small businesses impacted by the COVID-19 pandemic.

DeKalb County CEO Michael Thurmond said he and his administration developed the program with the help of the Small Business Subcommittee of the DeKalb COVID-19 Strategic Task Force.

“We are fighting a pandemic that undermines the health and economic well-being of our county,” said CEO Thurmond. “Small businesses have been hit hard and are critical to DeKalb’s economic growth and prosperity.”

The program will be funded using $15 million from the county’s allotment of federal Coronavirus Aid, Relief and Economic Security (CARES) Act funding. Ten million dollars of the loan proceeds will come from Citizens Trust Bank.

Citizens Trust Bank has been selected to administer and service $10 million of the loan proceeds. Small business owners can apply online for up to $40,000 in business loans beginning Aug. 27, 2020, through Sept. 7, 2020.

Approved loan applicants can use the relief money for the following eligible expenses:

• Payroll (gross federal wages)
• State unemployment taxes and local taxes
• Employee benefits
• Business mortgage interest
• Business property rent payments
• Commercial property utilities
• Interest on other business debts

“We gathered insights and information to better understand the most pressing needs of this vital sector of our small business owners,” Commissioner Bradshaw said. “We view a small business loan program for DeKalb as an integral resource in supporting not only small businesses, but the DeKalb community at large.”