City offers no-interest business assistance loans

posted on: 4/15/2020

The City of Dover's Business Assistance Program is now offering zero-interest loans of $5,000 to local businesses affected by the COVID-19 coronavirus emergency. The bridge loan is intended to provide working capital to assist businesses with expenses such as payroll, leases or inventory, while awaiting federal CARES Act funding or funds from other federal relief programs.

In addition to zero interest, the 30-month loans require minimal documentation to help expedite the approval process. Applications are due by 4:30 p.m. each Thursday for review by the Business Assistance Program Loan Committee. The committee, which consists of the City Manager, Assistant City Manager and Finance Director, will review applications each week. A written decision will be emailed to the applicant by 4:30 p.m. on Tuesdays. Applications can be downloaded at www.dover.nh.gov/dovercares and emailed to d.carpenter@dover.nh.gov.

Who is eligible?

• For-profit corporations
• Partnerships
• Sole Proprietorships

Eligible businesses must be current on all local, state and federal taxes, as well as local fees, or arrange to pay these in full prior to a loan being granted. Businesses must also have been in operation prior to Feb. 15, 2020. All businesses are encouraged to review existing federal funding conditions and limitations to ensure eligibility for the Business Assistance Program bridge loan.

More complex loans may be referred to the Economic Loan Program Board.

For more information, contact Community Development Planner Dave Carpenter at d.carpenter@dover.nh.gov or 603-516-6008.

If an email application indicates it has been placed in quarantine as an email policy exception, it is still received and will be reviewed. To follow up and verify and application was received, please call Dave Carpenter at 516-6008, or simply send a follow-up email to d.carpenter@dover.nh.gov.

Additional information, including required documents, can be found at Dover CARES.