CLARK COUNTY, Ind. — Officials from several southern Indiana organizations have put together an emergency loan fund to help small businesses affected by the coronavirus pandemic. The fund already has $360,000 committed to help businesses in Clark and Floyd counties.
The fund was created through a partnership between One Southern Indiana (1si), the Community Foundation of Southern Indiana and the Ceasars Foundation of Floyd County. Business owners can apply for forgivable loans for $2,500 to $10,000.
The loan guidelines and application can be found on 1si’s coronavirus response website, as well as the Ceasars Foundation of Floyd County’s website. Applications will be reviewed by the current Caesars Foundation of Floyd County Revolving Loan Fund Committee, which is made up of community and business leaders in Clark and Floyd counties.
Eligible business must have been in operation in Clark or Floyd counties for at least two years, or have received revolving loan funding or bank financing, and have no federal or state liens or outstanding judgments. If a loan is awarded, borrowers will be required to make repayment on the zero percent interest loan in amounts of $100 per month starting on October 1, 2020.
If the business makes regular payments on time and continues to operate successfully through December 1, 2021, the remaining balance of the loan will be forgiven.
“The more that we can do, and the more we all come together – individuals, organizations, local government and private funders – the more we can do to help those most adversely affected and the better off our community will be,” CFSI President and CEO Linda Speed said.
Several organizations, like the OSI Foundation, the BlueSky Foundation, the Floyd County Commission and the City of New Albany have all pledged money toward the fund. Right now, $360,000 has been committed to the fund.
If you’d like to donate to the COVID-19 Small Business Emergency Forgivable Loan Program, you can do so online here. Donors can work through the steps on the website and choose “Small Business” as their giving choice. All donations may be designated for businesses in specific counties or municipalities.
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