RAHWAY, NJ — Building on the success of Rahway CARES Forgivable Loan Program, in which $250,000 in forgivable loans were provided to small businesses, Rahway and the Rahway Arts and Business Partnership again have joined forces to help small businesses financially during the economic downturn due to the extension of the COVID-19 restrictions.
Mayor Raymond Giacobbe, the Rahway City Council and the Rahway Arts and Business Partnership originally created the Rahway CARES — Coronavirus Aid, Relief and Economic Security — Forgivable Loan Program in May 2020 and were able to distribute more than $250,000 in forgivable loans to small businesses throughout the city. To continue to support local businesses during the extended restrictions, compounded by the winter season, the city is continuing to provide monetary support by allocating an additional $250,000 as an extension of the CARES program. Each eligible business will be able to receive up to $4,000.
“The COVID-19 pandemic has wreaked havoc among small businesses all over the country, and Rahway is no different. Over the last year, I have seen many of our local businesses struggle, and unfortunately some have closed their doors,” said Giacobbe. “It is my belief that, at the city level, we have a responsibility to assist our small businesses in any way that we can during these unprecedented times, which is why Rahway has allocated a total of $500,000 to the Rahway CARES Forgivable Loan Program to financially aid small businesses.”
Eligible businesses must be in the Special Improvement District, have 20 or fewer full-time employees and have been in business for at least one full year. Companies can use the grants for a range of recovery activities, including rent payments, operational costs, marketing costs and employee wages. National franchises, nonprofit organizations and some professional services are ineligible.
The program is administered for Rahway by the Union County Economic Development Corporation, and SID assessment provides funds for the program. Assistance is available in the form of a forgivable loan. The loan is not repayable unless you move, sell or close your business during the first two years after the loan is approved.
For more information, contact Lauren Ferrigno, Rahway public relations coordinator, at [email protected] or 732-882-5399.
Photos Courtesy of Lauren Ferrigno