What are the Clerestory Small Business Loans?
They are loans to Birmingham-area small businesses that have been greatly impacted financially by the COVID-19 crisis.
Who is eligible to apply for a loan?
The business must be a U.S.-based for-profit small business in operation for more than 6 months, with fewer than 50 employees and able to demonstrate the need and purpose for the loan. Non-profits, independent consultants and board members, employees and family members of Clerestory are not eligible to apply.
What is the amount of a loan?
Loans will be made for up to $10,000.00 for each business.
Do I have to repay the loan?
If 50% of the loan is repaid within one year, the balance will be forgiven. If 50% is not repaid in the first year, the balance of the loan will be repaid over a two-year period at 5% interest.
How do I apply?
From June 10, 2020 through August 15, 2020, email the Loan Team at firstname.lastname@example.org to receive an application.
What information is needed to apply for a loan?
In addition to basic business and owner information, each applicant must complete the application containing questions about the business, the business EIN (or SSN if EIN does not exist), and a request for business financials including 2019 and YTD 2020 Profit and Loss, a current Balance Sheet, and a Business Debt Schedule.
How do I submit my application?
Once complete, the application and supporting financials will be submitted via e-mail to email@example.com.
Is there a deadline for applying for a loan?
The application process opens June 10, 2020 and will be open until August 15, 2020 at 11:59:59 pm CDT or until program funds run out.
What happens after my application and supporting documents have been submitted and received?
Upon submission of your application and supporting documents, you will receive a confirmation email. A member of the Loan Team will contact you by phone or email to follow-up, review information and ask any additional questions needed to process the application.
Submitting an application is not a guarantee of loan approval or of a certain loan amount. These determinations are made by the Loan Team in its discretion.
The Loan Team will begin contacting business owners to let them know whether they have been selected to receive a loan beginning late June, 2020. Clerestory is not responsible for incorrect email or phone numbers provided by the applicant so please review all information carefully. Always double check spam, junk, and promotion folders for your email to ensure any communication from the Loan Team was not mistakenly routed there.