Contributed photo
Contributed photo
Crust & Crumbles is the first local business owner to receive a special bridge loan to help carry the business until the COVID-19 pandemic passes.
The Rockford Register Star reports Jojo Gendenbaatar, the owner of Crust & Crumbles, will use the bridge loan to pay the bills, insurance premiums and vendors for the bakery for the next three months. After that, Gendenbaatar anticipates a federal disaster relief loan should kick in in three months.
“We need it for paying our vendors; we need it to continue to meet payroll and just working capital, really,” Gendenbaatar told the newspaper. “With us shutting down, we are just doing curbside pickup two days a week. It’s definitely not the same as being open five days a week and one of the great things about the loan is that your lenders and your landlord have to agree to a deferment at least through the period of the shelter in place.”
The bakery is one of more than two dozen local businesses that will receive the loan, which the Register Star reports will help until the federal loan begins.
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