BIAP Policy
Micro Business Emergency Loan Provision

The Micro Business Emergency Loan program has utilized all financial resources and is currently suspended until additional funding becomes available. If additional financial resources become available applications will again be accepted.

Explanation:  A Business Incentive and Assistance Program (BIAP) has been established and funded to support growth and expansion of Rutland City businesses.  Due to the significant negative impact of the COVID-19 pandemic on Rutland City businesses this BIAP program has added a Micro Business Emergency Loan Provision.

It is the objective of the City of Rutland to support existing small businesses which have been significantly impacted by the COVID-19 pandemic to the point where their future operations may be in jeopardy through this Micro Business Emergency Loan provision.

Eligibility:  Businesses shall be eligible to apply under this BIAP – Micro Business Emergency Loan Provision if they are an existing City business employing fewer than ten (10) employees.

Determination of eligibility and level of assistance will be based on the recommendation of the Rutland Redevelopment Authority (RRA) and subject to the approval of the Board of Aldermen (BOA).  RRA and BOA reserve the right to prioritize among applicants based upon demonstration of need, services provided to community, strength of application, likelihood of recovery, or other criteria as determined at the exclusive discretion of the RRA and BOA.  Awards under the BIAP – Micro Business Emergency Loan Provision shall be wholly within the discretion of the RRA and the BOA.

Application Process:

The Micro Business Emergency Loan program has utilized all financial resources and is currently suspended until additional funding becomes available. If additional financial resources become available applications will again be accepted.

Timing:  A completed application form will be due on a rolling basis by 12pm on the Friday prior to the RRA’s regularly scheduled board meeting.  RRA board meetings are held on the second and fourth Tuesday of each month.  All eligible applications will be reviewed by the RRA and a recommendation on loan approval will be made to the Rutland City Board of Aldermen at their next regularly scheduled meeting.  Board of Aldermen meetings are held the first and third Monday of every month.

Process:  Due to current COVID-19 protocols all applications must be submitted electronically.  An applicant can choose to print the Application Form and handwrite responses and then scan and return electronically or may choose to complete the Application Form electronically as a Word document and then save and email as a PDF or Word document.

Applications must be received prior to each RRA application deadline in order to be considered in that round.  Application submissions received following the 12pm Friday deadline will be reviewed at the next available RRA board meeting, normally within two weeks. Due to the finite resources of this provision only one application per business owner (including business affiliates) will be reviewed in each round of review. A denial of an application does not preclude future applications during subsequent rounds.

Downloads Available:

Application submissions should be made by email to RRA Executive Director, Brennan Duffy, at duffyrra@rutlandvtbusiness.com and cc’d to spauldingrra@rutlandvtbusiness.com

Please contact Brennan Duffy by phone at 802-774-8499 or by email at duffyrra@rutlandvtbusiness.com  with any questions.

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