Akron City Counsel Offers Loans To Minority Businesses Amid A Pandemic
The Akron city council has announced a new loan program specifically for minority businesses that have been hit hard by the COVID-19 pandemic.
In an effort to support these businesses and help them stay afloat, the city is offering loans of up to $10,000 with no interest or repayment required for six months. After that, businesses will have two years to repay the loan at a low, fixed interest rate.
So far, the response from business owners has been overwhelmingly positive, with many already taking advantage of the program. This is just one more example of how Akron is committed to supporting its small business community during these difficult times.
The city mayor, who is black, said in a statement that the program was “a reflection of our values as a community.”
“We believe in supporting our small businesses, and we believe in lending a helping hand to those who need it most,” she said. “This program is one more way we’re living up to those values.”
If you own a minority-owned business in Akron that has been impacted by the COVID-19 pandemic, please reach out to the city council for more information on how to apply for this loan program.
As of yet, there is no word on whether or not this program will be expanded to other businesses beyond those that are minority-owned. However, the city council says they are committed to finding ways to support all small businesses during these difficult times.
In the meantime, please visit our website for more information on how to support small businesses in Akron. So far seven partners have been selected to deliver technical assistance. They will be providing one-on-one business coaching, help with accessing capital, and more. We’ll continue to update this list as more partners are selected.
Minority Health Month is coming up in April, and the city of Akron is committed to promoting health equity for all residents. One way we’re doing that is by partnering with the Akron Public Schools to bring wellness education into the classroom. This year’s theme is “Wellness for All,” and we’ll be providing resources and information on how everyone can live a healthier life.
What Is The Role Of A City’s Counsel?
The city council is responsible for advising the mayor and city council on legal matters, as well as representing the city in court. In addition, the city council may also be involved in drafting and reviewing legislation and providing input on the city budget and policy decisions. The Akron city council consists of eight members, who are appointed by the mayor and confirmed by the city council. The council meets on a weekly basis and is currently chaired by Council President M. Lorena Sullivan.