Startups and small businesses can now apply for low-interest and forgivable loans as part of the First Floor Fund. Dayton City Commissioners approved the $7 million fund last month and say the resulting loans are intended to both help small businesses and to activate storefront spaces impacted by COVID-19. Eligible projects for loan applications include purchasing machinery and equipment, building renovations and tenant improvements, furniture fixtures and installation, and permanent working capital. Loans may be as low as $50,000 up to $300,000 or 50% of total project costs, whichever is less. Money for the First Floor Fund comes from the $138 million Dayton received as part of the American Rescue Plan Act. The application and more information about the First Floor Fund is available on the CityWide Development website.
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