Richfield’s Economic Development Authority Authorizes Second Round Of Coronavirus Small Business Forgivable Loans
September 30, 2020
Since the outbreak of the COVID-19 pandemic, 1.4 million small businesses have either closed of suspended operations according to a study by Oxxford Information Technology Ltd. It is expected that as many as four million small businesses could be forced to shut down permanently by the end of the year, or about 13 percent of the country’s small businesses.
Richfield’s Economic Development Authority (EDA) is doing everything it can to provide financial assistance to the city’s small businesses as they try and weather the global health crisis. The authority has authorized a second round of small business forgivable loans.
“Businesses of all shapes and sizes are seeing a drastic reduction in income during the COVID-19 pandemic,” explained Richfield Chamber of Commerce Chairman Greg Worthen. “Richfield was one of the first cities in Minnesota willing to help its small businesses through this crisis in the form of a