FRANKFORT, Ind. (Inside INdiana Business) – The Frankfort Redevelopment Commission and the city of Frankfort have created a forgivable loan program to provide financial relief for small businesses. Businesses that have experienced a financial impact due to the COVID-19 pandemic will be eligible to receive up to $2,000 through the new Emergency Relief Forgivable Loan program.
The city says it will start accepting applications on Wednesday.
“We want to help our small businesses and show them we haven’t forgotten about them. This forgivable loan program is a step in the right direction,” said Frankfort Redevelopment Commission President Joe Palmer.
To be considered eligible for the loan, the city says businesses must be located within the Frankfort TIF district and have no current property tax liens or legal judgments and cannot be a part of a national chain or franchise.
The city says the emergency loans are 100% forgivable after 12 months if the business continues to operate and does not relocate outside of the Frankfort TIF district.