Local businesses can now apply for the city’s Emergency Loan Program. Here’s how.

By SARA VANDEN BERGE

The Stephenville Economic Development Authority and the city of Stephenville have opened the application process for local businesses to apply for the COVID-19 Emergency Loan Program.

The program is aimed at providing assistance to businesses suffering from financial impacts related to the pandemic.

The Stephenville City Council approved the $60,000 loan grant program that will give local businesses a loan for up to $2,500 that will be paid back to the city with a low-interest rate.

The grant is aimed at helping businesses like hair and nail salons that were forced to temporarily close.

Applications can be found online at www.stephenvilleeda.com.

Here are the specifics:

• Only one application per business address will be considered and, if approved, will be eligible for emergency aid up to $2,500.

• The application period will remain open through July 30 or until funding has been exhausted or until it is determined that the program goals have been satisfied.