Jacksonville City Council approves relief package for small businesses

The Jacksonville City Council on Monday unanimously approved a relief package for small businesses, which will pay a $1,000 grant and cover the fees, interest and principal of loans for qualifying businesses that borrow from Vystar Credit Union. Vystar is preparing to loan up to $50 million to Jacksonville businesses, and the city’s contribution to the program could be as much as $28 million. Vystar will charge a fixed 5.99 percent interest rate on the loan and has increased its eligibility criteria to include local businesses that employ between 2 and 100 people and have been operating for at least a year.