NEW ALBANY, Ind. (Inside INdiana Business) — Officials in southern Indiana have announced an emergency loan fund to help local businesses affected by the COVID-19 pandemic. As part of the previously-announced 1si Cares Initiative, the fund will make loans of up to $10,000 available to businesses in Clark and Floyd counties.
The effort is a collaboration among One Southern Indiana, the Community Foundation of Southern Indaina, and the Caesars Foundation of Floyd County, which is administering the fund. The CFFC’s Revolving Loan Committee, comprised of community and business leaders in both counties, will review applications for loan assistance.
“When the idea was presented to us, the over-arching priority was to make the funds available as quickly and as fairly as possible,” said Jerry Finn, executive director of the CFFC. “With the CFFC small business revolving loan fund committee already in place, and containing members from both Clark and Floyd counties, the choice to use the existing committee became the most logical and expedient choice.”
Eligible businesses must be operating in Clark or Floyd counties, have been in operation for at least two years, or have received revolving loan funding or bank financing, and have no federal or state liens or outstanding judgments. The loans will range from $2,500 to $10,000.
The fund has received commitments totaling $360,000 from a variety of sources, including the OSI Foundation, the BlueSky Foundation, the city of New Albany and the town of Clarksville, among others.
“The City of New Albany is proud to support this effort to assist businesses in New Albany, and Southern Indiana as a whole, said New Albany Mayor Jeff Gahan. “It is in times of crisis elected officials must concentrate on the efforts that will bring the most benefit to the most people – both short-term and long-term. Supporting businesses in New Albany that have been devastated by this outbreak will not only shorten the recovery time but also ensure the city doesn’t lose the growth momentum it has been building for the past several years.”
You can learn more about the loan fund and how to apply by clicking here.