This afternoon, Auburn City Council approved the city of Auburn’s Working Capital Loan Interest Subsidy Program. This program was created in collaboration between the Auburn Chamber, the city of Auburn and seven financial institutions in the community.
This program will begin immediately and provide relief to local small businesses who have been impacted by the COVID-19 pandemic. The needed assistance will be provided to businesses through the provision of interest free working capital loans.
The seven participating banks offering this loan include: AuburnBank, BancorpSouth, BBVA, MAX Credit Union, Regions Bank, River Bank & Trust and Southern States Bank. The loan can be up to $25,000 and has a term of 36 months. The city of Auburn will pay the interest of these loans during that time. Each bank has committed a minimum of $500,000 in loan authority.
The Auburn Chamber is grateful to have been a part of this collaboration. All seven banks are active and supportive members of the chamber and our community, and we thank them for their partnership. We are also grateful for the Auburn City Council and other leadership officials within city staff who have made this possible. Today, we believe we have brought great news to over 1,000 of our chamber members.
Any financial institutions who would like to participate in this program should email Megan McGowen Crouch at firstname.lastname@example.org or Leslie Beech at email@example.com. During this economic downturn, we hope this program will be able to provide assistance to our small businesses.
Also, please tune in this afternoon at 4 p.m. to hear Governor Kay Ivey as she will hold a joint news conference with State Health Officer Dr. Scott Harris and State Superintendent of Education Dr. Eric Mackey.