Small business owners in Birmingham can now apply for emergency loans through Birmingham Strong, a loan fund for those facing layoffs or other major financial burdens from coronavirus-related closures.

Licensed for-profit businesses with fewer than 50 employees within the Birmingham city limits that have been operating for at least one year are eligible.

Loans of $10,000 to $25,000 are available. The loans are interest-free for 180 days. After that, a 24-month payment plan begins. Here’s the repayment structure:

$25,000: 3% interest after 180 days

$20,000: 3.5% interest after 180 days

$15,000: 4.0% interest after 180 days

$10,000: 5.0% interest after 180 days

Click here to apply.

Loans must be used to in payroll or to avoid staff cuts, maintaining business operations or funding a business model reconfiguration in response to COVID-19.

The deadline for the first round of applications is 11:59 PM CDT March 27. Officials say a second round of applications could open if funds are available.

Businesses will be notified on April 3 if their loan application was approved or rejected. Loan documents will be signed and checks disbursed from April 6 to 15.

The loan fund is operated by the Community Foundation of Greater Birmingham. The Birmingham City Council approved $1 million for the loan fund last week. An additional $200,000 from Birmingham’s Office of Innovation and Economic Opportunity is expected to be approved for the fund this week.

Resources: Follow our live updates. Find all of our coronavirus stories. A continuously updated vital information post. A free text-messaging service so you can receive the most urgent coronavirus updates on your cellphone. And ask questions. To sign up, subscribe to Alabama Coronavirus Urgent Alerts. A new weekday newsletter is available. You can subscribe here. Also, download our mobile app where you can receive on-the-go notifications.