Chippewa County approves up to 30 small business loans
13 May 2020
Chippewa County is creating small business disaster relief loans to help some businesses in the county stay afloat during the COVID-19 pandemic.
The board voted 8-7 to adopt the plan to distribute up to $300,000.
The loans will go to up to 30 area businesses, with a maximum amount of $10,000. The loans are meant for companies that have no more than 10 employees. The maximum length of the loans would be five years. The first year would be interest free; following years would be at a 1.5% interest rate.