The city of Ontario was awarded $135,000 of additional funds from Business Oregon to aid in the support of small businesses according to a news release from the office of City Manager Adam Brown on Friday afternoon.

“These funds will be used to leverage the city’s existing micro-loan program with matching grants for eligible businesses,” the statement reads.

The existing micro-loan program was discussed at the most recent Business Loan Fund on June 24 in which four local businesses were approved for the program and four others were still in the process of sending information to the state at the time of the meeting.

Some local businesses were not eligible at the time to participate in the program because they had previously received CARES funding.

According to the news release, this stipulation no longer applies; the requirements pertaining to previously received funds from the CARES Act (PPP, EIDL) being a disqualification to receive further funds has now been lifted.

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According to the news release, this stipulation no longer applies; the requirements pertaining to previously received funds from the CARES Act (PPP, EIDL) being a disqualification to receive further funds has now been lifted.

Ontario Finance Director Kari Ott gave some additional insight in an email on Monday morning.

“The additional program adds funds to the existing funding. The great thing is that anyone who previously received a PPP or EIDL loan would be eligible for the grant/loan funding. This is only for the new funding, it doesn’t change the old funding. It will need to be spent 45 days after receipt of the funds,” said Ott.

Local businesses that want to take part in this program can visit the City of Ontario’s website under the Business Loan Fund heading.

“This is very exciting, it will be very helpful for our small businesses. Business Oregon should be giving us more information soon along with the new contract,” Ott said.

Courtesy by :https://www.argusobserver.com/