Emergency loan fund for Juneau small businesses is just about exhausted

Juneau City Hall
A man talks on his phone on May 10, 2016, in front of Juneau City Hall. (Photo by Rashah McChesney/KTOO)

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.

Jeremy Hsieh

Local News Reporter, KTOO

I dig into questions about the forces and institutions that shape Juneau, big and small, delightful and outrageous. What stirs you up about how Juneau is built and how the city works?

Like what you just read? KTOO news stories are member supported. Support your community news source today. Donate to KTOO.
Site notifications
Update notification options
Subscribe to notifications