Practically all of the money the Juneau Assembly committed for its emergency small business loan program has been allocated.
Brian Holst runs the Juneau Economic Development Council, which is administering the program. He said the nonprofit received 130 loan applications as of Wednesday afternoon. If they’re all approved, that would commit all $3 million.
“We are reaching the point where we’re exhausting the resources,” Holst said.
He said there may be some wiggle room for more applicants because some businesses won’t qualify.
So far, the nonprofit has signed 53 loans, releasing an initial $7,500 per business. Those businesses are eligible for more money. Combined, those loans account for about a third of the fund.
One restaurant owner who applied said some of the money had reached her account on Monday.
Holst said he’s pleased and impressed with how quickly it’s gone. And he’s proud of the collaboration between the city, JEDC’s IT team and the community at large.
“I don’t know of another community in the state that has successfully done what we’re doing right now,” Holst said. “I mean, there are businesses throughout the state that have financial hardship, and they’re all being directed to federal assistance. And that federal assistance is coming, but it’s slow to arrive.”
The Juneau Assembly created the program and set aside the $3 million for it just two weeks ago.
