Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.
Issue link: http://www.epageflip.net/i/1249221
WWW.UPANDCOMINGWEEKLY.COM 14 UCW MAY 20-26, 2020 433 Hay Street Fayetteville, NC 28301-5537 www.FayettevilleNC.gov www.FayTV.net (910) 433-1FAY /cityoffayettevillegovernment Insta Follow Your City on Social Media: Engaging You About Your City Government Engaging You About Your City Government KENNETH MAYNER, MPA, Chief Branding Officer, City of Faye�eville Corporate Communica�ons Department, Contribu�ng Writer. City Council Approves Small Business Bridge Loans City Council approved funding for bridge loans to help keep small businesses operating while they are waiting for approval of federal loans. The program, approved at the council meeting on May 11, is funded for $260,000, and began accepting applications May 12. The goals of the bridge loans are to provide immediate relief to help small businesses within the City of Fayetteville stay open, limit job losses, provide low-cost "bridge funding" until businesses can qualify for longer term disaster funding from SBA or other funding source and to reach a diverse mix of area businesses in need of financial support. Applications are only being accepted online through CEED's website at www.ncceed.org beginning on May 12. Additional information on the bridge loans is also available on the website and applicants can call them as well at 910-323-3377. CEED, acting as a clearing house for the city, will work with small businesses in the community which need help during this time. The City has a long-standing partnership with CEED, dating back to 2005. CEED will process the applications, underwrite and fund the loans using standardized guidelines in a consistent and expeditious fashion to get the money to qualified businesses as quickly as possible. Each qualified business is eligible to receive up to $5,000, with a total of $250,000 being disbursed by the city for up to 50 businesses. The remaining $10,000 of the $260,000 will be provided to CEED to administer the program for 3 years, as the city is not properly staffed or qualified to administer a program of this magnitude. The loans will be issued at current interest rates of Prime (currently 3.25%) plus 1%. An estimated initial payment of $17.71 in interest only will be required for the first six months, and approximate payments of $149.95 monthly for the life of the loan if permanent financing is unavailable. Information required as part of the application process will include the number of full and part time employees, a copy of the client's credit report from freecreditreport.com and the latest tax return / business tax information. Once a business submits all the required information and CEED reviews the packet for completeness, the packet will be reviewed by a committee of local small businesses and city staff to determine loan approval or denial. It is expected that once the loan is approved, it will take up to 3 days to disburse funds. The City of Fayetteville also offers grant programs for businesses funded through Community Development Block Grants (CDBG), which is a Housing and Urban Development (HUD) program. Businesses are encouraged to contact the Economic & Community Development department for details at 910-433-1590 or CommEconDev@ci.fay.nc.us. FayTV Now Streaming on Mobile Devices and Smart TVs FayTV is available for viewing online, social media and your smart TV! City content produced by FayTV is now available on Roku, Android TV, Apple TV and the Amazon Fire TV. To install the FayTV streaming app on Roku, Fire TV, Android TV, and Apple TV, search for the words "FayTV" or "Fayetteville." Go to www.FayTV.net to view the live stream! As Fayetteville's government access channel, FayTV is dedicated to providing City government information to our citizens. FayTV is also available to subscribers of Spectrum Cable. The station operates 24 hours a day, seven days a week, with programs and information focusing on City government activities. This is one of the first government access channels in North Carolina to be available for viewing on Roku, Fire TV, Android TV and Apple TV. Sign Up For the City's E-Newsletter The City of Fayetteville has a citizen E-newsletter titled City Happenings. The E-newsletter keeps residents informed of what the City is doing to support them. It is published to subscribers every two weeks on a Mondays. Residents can subscribe directly here: http://eepurl.com/dj4W5T. Citizens can also subscribe to the E-Newsletter on the City's website by logging onto FayettevilleNC.gov via a subscription link at the top of the City website that says: "Subscribe to e-News." 910-867-2364 • 4624 BRAGG BLVD. CONNECT with us! @legendspub910 Doors Closed for NOW We Look Forward to Hosting Good Times When We Re-open.