Small Business Forgivable Micro Loans

Easton Main Street Initiative Forgivable Microloan Program Application
Applicant Information
Name of Business
Name of Person Representative
Years in Business
Position
Business Address

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
Number of Full-Time Employees
Number of Part-Time Employees
Business Email
example@example.com
Nature of Business
Loan Information
LOAN FORGIVENESS AND REPAYMENT TERMS

Upon disbursement of funds, borrowers will be required to execute a loan agreement outlining the terms and conditions of the forgivable microloan. Loans will be forgiven in full at 12 months from the date of disbursement provided the following conditions have been satisfied:
- The business remains open and operating within the City of Easton
- Funds have been expended on eligible purchases consistent with the approved project scope
- Adequate documentation of expenses (receipts, invoices, or equivalent) has been submitted to GEDP prior to the 12-month review date.
If all conditions are satisfied at the 12-month review, GEDP will issue written confirmation of loan forgiveness and no repayment will be required.

If conditions have not been satisfied at the 12-month review, the borrower will be notified in writing and repayment will be initiated. Repayment terms will be structured as a 0% interest loan with a 24-month repayment period, with equal monthly payments beginning 30 days from the date of written notice.

If GEDP determines that a portion of the loan proceeds has satisfied program requirements, partial forgiveness may be granted at GEDP's discretion. In such cases, repayment will be required only for the undocumented or ineligible portion of the loan, on the same 0% interest, 24-month repayment terms described above.

By submitting this application, applicants acknowledge that they have read and understand the forgiveness and repayment terms above.
Requested Loan Amount
Category (select all that apply)

Other
Note: Labor provided by the business owner or property owner is not an eligible expense.
Detailed description of how funds will be used (250 words maximum)
Timeline for implementation (please provide estimated start and completion dates)
Start Date

MonthDayYear
Date
Completion Date

MonthDayYear
Date
Business Impact
For applicants including rent, utilities, or payroll: briefly explain how covering these costs will help stabilize or grow your business: (150 words maximum)
How will you measure the success of this project? (example: increased sales, new customers, jobs created, etc.)
Is the Applicant or any owner of the Applicant an owner of any other business, or have common management with, any other business? If yes, list all such businesses and describe the relationship:
Please include/attach the following:
BUDGET: Please provide a detailed breakdown of how all loan funds will be used. For recurring expenses like rent or utilities, indicate the monthly amount and number of months covered.

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Copy of business license

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W9 Form

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The first page of Applicant’s most recent business tax filing, including the balance sheet submitted with the tax filling

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By signing below, I certify that:
- All information provided in this application is true and accurate to the best of my knowledge
- I understand this is a forgivable loan, not a grant, and that forgiveness is contingent on meeting all program requirements at the 12-month review
- I agree that loan funds will be used only for the purposes described in this application and consistent with program guidelines
- I understand that misuse of funds or failure to meet program conditions may result in repayment being required
- I agree to submit documentation of expenses (receipts, invoices, or equivalent) to GEDP prior to the 12-month review date
- I agree to execute a loan agreement with GEDP upon award of funds
- I agree to allow my business name and project to be referenced in Easton Main Street promotional materials
- I understand that owner labor is not an eligible expense under this program
Signature
Name
Date Signed

MonthDayYear
Date
Should be Empty:

Easton Main Street Initiative Forgivable Microloan Program Application

Business Impact

Please include/attach the following: