Lexington Council Gives Tentative Approval For $2.5 Million In Small Business Assistance
The Lexington City Council has given preliminary approval for $2.5 million dollars in assistance for small businesses. This is a second round of $2.5 million in forgivable loans and a total amount now exceeding seven million dollars.
Council Budget Committee Chair Amanda Mays Bledsoe said the aim is to get assistance to local businesses sooner than later. “And so we wanted to make sure that they weren’t waiting until August to have that money dispersed in our community if it could be helpful this summer as we see more businesses are challenged with hiring people, keeping retention, retainment of employees. So, this will be a boost to get through the fall,” said Mays Bledsoe.
Local Banker Larry Forester is a member of the Commerce Lexington team that oversees distribution of the money. He reported requests totaling more than seven million dollars for the first distribution of $2.2 million. Mays Bledsoe said final action should come on July eighth and so small businesses should see the pandemic-related assistance this summer.
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