Loan Program Assists Businesses Affected by the Pandemic

Published: 2020
By Katie Weaver

In 2019, Park County MSU Extension took over management of a nearly $1 million small business revolving loan fund (RLF) on behalf of the City of Livingston and Park County. Shortly thereafter, Park Local Development Corporation was formed as a 501(c)(3) to oversee the RLF and enable the expansion of business assistance resources in Park County. Park County Economic & Community Development Extension Agent Katie Weaver serves as the organization’s executive director. Shortly after the Governor’s stay-at-home order was issued in March 2020, Park County MSU Extension and Park Local Development Corporation mobilized a group of community business and financial leaders to explore ways the RLF could be used to help the county’s struggling small businesses. An emergency microloan program was proposed and quickly approved by the city and county. In May 2020, the Emergency Microloan Program online application went live for businesses adversely impacted by COVID-19. Over 20 small businesses applied for the $10,000 loans and by July, nine loans totaling $85,000 were approved and funds dispersed to businesses in Cooke City, Emigrant, Gardiner, and Livingston. Developed to fill a gap in existing grant and loan programs for small businesses, the emergency microloan program was able to assist businesses that were unable to access other financing. There was a great deal of confusion in the early days of the rollout of CARES Act funding and this local program was key in assisting many businesses as they navigated a multitude of different programs. Over the summer, to support businesses in adapting to current conditions and planning for the future, nearly $70,000 was raised in charitable donations and grants. In December 2020, this new grant program, designed to meet the ever-evolving needs of Park County’s small business community, will implement business training and technical assistance to ensure the viability of our small businesses and their future resilience.