Jeffersonville launches forgivable loan fund
JEFFERSONVILLE, Ind. (Inside INdiana Business) — The city of Jeffersonville and One Southern Indiana have established the Jeffersonville Sustains program. The forgivable loan fund of up to $250,000 aims to help small businesses in the Clark County city as they wade through and recover from the effects of the COVID-19 pandemic.
Eligible businesses are being encouraged to apply for the loans. The application process began Tuesday and will continue through May 18.
To qualify, businesses must be locally-owned and operated, including restaurants, bars, entertainment venues, salons and retail shops that are not part of a national chain or franchise.
Organizers will consider loans of up to $5,000 with a repayment term of 15 months. The first payment will be due on October 1 and One Southern Indiana, the chamber of commerce and economic development organization for Clark and Floyd counties, says the loans will be forgivable after the initial repayment terms are met.
A significant portion of the City’s tax revenues are derived from property tax and local income tax,” Matt Owen, Jeffersonville City Council president, said in a news release. “If local, small businesses are unable to remain operational and pay wages to their employees, the City loses those receipts. A lot has gone into building our small business community in Jeffersonville. This program is set up to protect that investment.”
1si says funds will be awarded based on demonstrated need and may only be used for payroll expenses, rent, and utilities. Recipients will be notified by May 22.
Business owners interested in applying for a loan can find more information by clicking here.