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Emergency Loans

Emergency Zero Interest Loan Program Details

Objective:  To provide a quick source of cash flow to help Gloucester Village businesses bridge the gap between the time the economic impact of COVID-19 began and when a business secures other financial resources. Loan proceeds must be used for business expenses only.

 

Available to:  Hospitality, restaurant, personal services, and retail businesses located in Gloucester Village

 

Total amount of money available for all loans:  $50,000

 

Loan Terms:

  • Amount of each loan:  $2,000-$5,000

  • Interest Rate: 0%

  • Repayment:  3-year loans, first 6 months payments deferred, followed by 30 monthly payments

  • Collateral:  The loans are unsecured

  • Personal Guarantees: Required

 

Application:

  • How to Apply:  See instructions below

  • Application Fee:  Waived

  • Processing Fee:  Waived

  • Approval Process:  Credit Score of 680 and above – automatic approval (subject to funds availability).  If below 680, please also submit most recent 2 years of business and personal tax returns, and a current personal financial statement.

 

Other:

  • To be eligible a business must have been established prior to March 9, 2020 and demonstrate economic impact as a result of COVID-19.

  • Only one loan may be made per approved business.

  • This program is not designed to be the primary source of assistance to affected businesses, but rather a bridge until other resources are available.

  • Applications will be accepted until May 15, 2020, contingent upon availability of funds.

  • Applications will be reviewed and either approved or denied in the order in which they are received.

  • Borrower will be required to sign an agreement that loan proceeds are to be used only for maintaining their business in Gloucester Village.

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How to Apply for an Emergency Zero Interest Bridge Loan

Please submit your written application (Word document or PDF) providing the following information in the order listed. To avoid delays in the Loan Approval Committee's review process please provide all the requested data.  We reserve the right to require additional information as necessary to evaluate an application.

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Please email your application to Steve Callis at scallis@chesbank.com

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  1. Date of Application

  2. Applicant name

  3. Social Security number

  4. Mailing address

  5. Phone number

  6. Fax number

  7. e-mail address

  8. Amount requested ($2,000 min to $5,000 max)

  9. Business name  (borrowing entity)

  10. Business tax id number

  11. Name, address, phone, e-mail, and SSN of each additional Principal Partner

  12. Evidence of the negative impact of COVID-19 on your  business

  13. Narrative description of proposed use of the loan proceeds

  14. Credit reports showing payment history and credit score for each owner with 25% or more interest in the business

  15. If below 680, please also submit most recent 2 years of business and personal tax returns, and a current personal financial statement.

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Download the list of application items:

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