A partnership between First Reliance Bank and The Town of Lexington has led to the creation of a $1 million dollar loan program to aid in-town businesses impacted during the COVID-19 pandemic.
The program allows qualifying businesses to apply for a loan of up to $20,000, with a loan term of up to 4-years and a 2% interest rate.*
“First Reliance Bank is your local community bank. We are chartered to serve communities in the markets where we do business and help small businesses grow as our economy works toward getting back to the new normal environment. We are excited to announce our partnership with the Town of Lexington to provide low cost loans to small businesses under the Lexington Program and processed through First Reliance Bank. This partnership supports business growth, and allows our communities to thrive as more jobs are created and greater profits help local economies expand. We look forward to helping our local Lexington businesses through this partnership,” said Robert Dozier, First Reliance Bank, Chief Banking Officer.
This all comes as part of multiple Emergency Ordinance actions taken by Town Council to provide short-term and long-term relief for the business community and residents alike.
“We know our businesses have been hit hard during this time and Town Council has been working to help them out in every way possible,” said Mayor Steve MacDougall. “We appreciate First Reliance working with us to make this program a reality and truly value the great relationship we have with them,” said MacDougall.
To pre-qualify, businesses must have a current Town of Lexington Business License with a physical location within town limits.
Those interested, can follow this link https://bit.ly/2YMri2E to submit their information. The Town will contact each business directly and will automatically contact businesses who already filled out the original Business Loan Interest Survey.
*The Town of Lexington treats all loan applicants the same and does not discriminate on the basis of: Race; Religion; National origin; Sex or Gender; Age (provided the applicant has the capacity to contract); The applicant's receipt of income derived from any public assistance program; and The applicant's exercise, in good faith, of any right under the Consumer Credit Protection Act.
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