FCFF COVID-19 Working Capital Direct Loan Program
The Franklin County First Fund (FCFF) COVID-19 Working Capital Direct Loan Program is intended to foster the retention of small businesses throughout Franklin County, that have been negatively impacted by the COVID-19 pandemic. The program is administered by the FCADC staff, who is responsible for the marketing, packaging, and servicing of all loans.
Eligible Borrowers: To qualify for financing through the FCFF, a business must be for-profit, have one hundred (100) or fewer employees (including any related or affiliated businesses), be physically located in Franklin County, and reflect a tangible net worth of less than $2,000,000 at the time of application.
Eligible Costs: Those costs which are associated with the working capital needs of the business. Working capital is defined as capital used by a small business for operations (payroll, accounts payable, utilities, facility rent, mortgage payments, insurance, etc.)
Loan Size & Interest Rate: The FCFF working capital loan shall not exceed 50% of the total working capital costs of the applicant over the PREVIOUS THREE (3) MONTHS. The maximum loan amount shall not exceed $50,000. (Internally prepared P&L statement and balance sheet based on QuickBooks or some comparable accounting program will be required to validate expenses). The interest rate shall be fixed at 2.5%.
Loan Term: The term shall be three (3) years, with the first 90-days of payments being deferred. Principal and interest payments shall commence at the start of fourth month.
Program Guidelines, Application, and Required Application Addendums
- FCFF COVID-19 Working Capital Loan Guidelines: Click Here
- FCFF COVID-19 Working Capital Loan Application: Click Here
- FCFF COVID-19 Working Capital Personal Financial Statement: Click Here
- FCFF COVID-19 Working Capital Debt Schedule: Click Here
- FCFF COVID-19 Working Capital Fee Structure: Click Here
- IRS W-9 Form: Click Here
For more information and application requirements please contact:
Rhonda Wojciechowski, FCADC Loan Administrator, 717-263-8282 or firstname.lastname@example.org