WARSAW, Ind. (Inside INdiana Business) – The Kosciusko Economic Development Corp. has created the Small Business Relief Fund to support business recovery and job retention. The city of Warsaw is partnering with KEDCo on the program and is committing $100,000 for businesses within city limits.
The fund will make loans up to $10,000 to support businesses with 50 or fewer employees. The loans will be available for up to 24 months at 0% interest. KEDCo says it also has $40,000 available in early stage loan funding which it will make available.
KEDCo Chief Executive Officer Alan Tio says the organization is expanding its Revolving Loan Fund framework to support small businesses and entrepreneurs amid the coronavirus pandemic.
“For more than a decade, KEDCo has administered a Revolving Loan Fund to support job creation among startup and early stage companies,” said Tio.
KEDCo says it is seeking funding for the relief fund from local and state sources.
“City leaders believe it is vital that we support local businesses experiencing negative impacts from the COVID-19 pandemic at this time,” said Warsaw Mayor Joe Thallemer, “Small businesses generate local jobs, incomes, and tax revenues that keep our community growing.”