A partnership between First Reliance Bank and The Town of Lexington has led to the creation of a $1 million loan program to aid businesses in town impacted by the COVID-19 pandemic.
The program will allow qualifying businesses to apply for a loan of up to $20,000 with a loan term of up to four year 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,” said Robert Dozier, First Reliance Bank Chief Banking Officer. “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.”
Multiple emergency ordinance actions taken by town council fueled the loan to provide short and long-term relief for the Lexington business community.
“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 Lexington 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.”
To pre-qualify, businesses must have a town of Lexington business license with a physical location within town limits.
Those interested in applying for the loan should fill out the loan pre-registration form online.