OSHKOSH, WI (WTAQ) – The new Safer At Home order issued by Governor Tony Evers continues to make things difficult for local bars and restaurants – who are being forced to get creative to stay afloat. But some businesses in Oshkosh are getting a bit of extra wind in their sails.
“It’s certainly a difficult time,” says Senior Vice President of Economic Development Rob Kleman
The Oshkosh Chamber of Commerce has established a micro loan program to help businesses impacted by safety measures being implemented by the state over COVID-19.
“It’s a loan program developed in an emergency basis – given the current circumstances with the ban on bar and restaurant operations internally – so we have a small business micro loan,” Kleman says.
The goal of the micro loans is to help businesses continue operating through the short term – as orders and measures taken by the state have prevented them from operating normally.
“It could help with inventory or other working capital expenses, that’s kind of the bottom line – and put it out there in a quick fashion to help them through this time right now,” Kleman tells WTAQ News, “It’s just one small program, but it’s a piece of the puzzle. There are certainly other resources that are coming online to help businesses, and we’re trying to work with all of the partners out there to hopefully deliver these resources efficiently to all of our local and regional businesses.”
While a micro-loan program might sound a bit complicated, the process being utilized is actually fairly straightforward for the member businesses taking part.
“We’re taking $60,000 and we’re making small loans available on an emergency basis in $2,500 increments for our local bars and restaurants to help them through this difficult time,” Kleman says, “We’re deferring all principal interest for six months until October 1st, so folks are applying as we speak. We’re taking in applications on a daily basis. It’s a 3.5% interest rate – it’s $100 a month for 26 months. We tried to make payment terms flexible and efficient for folks so that they can certainly afford that payback.”
While the Safer At Home order is set to run through April 24th, all restaurants and food suppliers remain listed under the “essential” services category. That seems to be a good sign for those offering special delivery, takeout, and curbside pickup – and is keeping people like Kleman optimistic, at least for now.
“A good number of our restaurants are doing takeout or deliveries – some of them are doing quite well with it. That’s been very encouraging, very positive to see – but it’s still difficult, it’s certainly not the same,” Kleman says, “We’ll come out the back end of this. I think the economy will come roaring back, but the longer we stay shuttered, the harder that’s going to be. So hopefully it’s not going to last that long.”
