The Program provided zero-interest, unsecured, short-term loans of up to $10,000 to eligible independently or locally owned businesses with priority for restaurants and retail businesses. Loan funds must have been used to cover payroll, rent, operating expenses or working capital.
Loan repayment is deferred for 36 months after loan approval. The loan may be up to 100% forgiven based on either longevity of the business operating in Dublin and sales tax generation by the business as detailed below:
Longevity: The loan may be 100% forgiven based on longevity of the business operating in Dublin: For each year the business is in operation, one third (1/3) of the loan will be forgiven. If at the end of three years, the business is still in operation in Dublin, then the entire loan will be forgiven.
Sales Tax: For Sales Tax Generating businesses only: If during the three-year term of the loan, the business cumulatively produces sales tax revenue remitted to the City equal to or more than the amount of the loan, then the loan will be forgiven.