Some Juneau businesses folding despite the promise of government assistance including Bridge loans

    Juneau, Alaska (KINY) - Local businesses in need are still encouraged to apply for a CBJ Bridge Loan created by the Assembly to help businesses deal with the pandemic.

    The Assembly turned that job over to the Juneau Economic Development Council to implement.

    Executive Director Brian Holst said on Action Line that they have received more than 160 applications which exceed the $3 Million in available funds, but adds they are still accepting applications because as they have worked through the process they have identified people who asked for more than they qualified for or more than they could afford to handle or need.  "So we're still open, still taking applications and we're working through them, but we're very close to the end of the resource."

    Holst was asked while a guest on Action Line if the councils' revolving loan fund has come in to play.  "It certainly has for all of our existing clients.  We have a portfolio and we work with each of them to adjust their need and, yes, it is an option as well."

    Holst was asked if he knows of businesses that will not survive the impacts of the pandemic.  "We've seen that already.  We're seen a few businesses that haven't been able to continue, especially businesses that recently started."

     

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