This is the last day for small businsses to apply for some of the two-million dollars in the state Small Business Loan Program. The program will loan 25-hundred to 25-thousand dollars to small businesses of five employees or fewer, with a ten-year payback at three percent interest.
Economic Development Departments spokesman John Fougere says about 700 companies had asked for information about the program. He says the department is being flooded with applications today.
He says the applications will probably exceed the funding available. Fougere says a lottery probably will be used to pick companies getting the loans.
Upload interview with John Fougere (3:32 mp3)
