Montrose creates loan program, aids in tax relief for small businesses

MONTROSE, Colo. (KJCT) -- During this pandemic, many small businesses have had to make many changes to stay open. Non-essential businesses have had to shut down and the city of Montrose is doing what they can to make sure that those small businesses will still be around after this pandemic.

Montrose is differing sales tax for 90 days for businesses that have $2 million in gross revenue or less. The city also created a small business loan fund. They can take a loan up to $5,000 with no interest to help with hard costs like rent or any debt they may have and they don't have to repay it for up to a year.

"Some businesses seem to be excited and grateful that this is happening," said City of Montrose director of business innovation Chelsea Rosty. "We are starting to see loan applications roll in after it just being announced on Wednesday morning. We do have 10 applications right now so that's a sign that businesses are going to take advantage of it. We know that it doesn't solve all of the problems and I think they recognize that as well but at least it's something to try and have them here when this is all said and done."

There is also a marketing grant for businesses to market that their businesses are still open and how to reach them now or how to reach them post-pandemic.

Comments are posted from viewers like you and do not always reflect the views of this station. powered by Disqus