Applications are open now. The deadline to apply is September 18, 2020.
(Madison, Ind.) - It is with great excitement that Jefferson County and the Jefferson County Board of Tourism (JCBT), along with Lt. Governor Suzanne Crouch and the Indiana Office of Community and Rural Affairs (OCRA) announce Jefferson County as one of 42 rural Hoosier communities that will receive federal grant funding through the COVID-19 Response Program. The grant to Jefferson County for loans to small and micro businesses to retain low-to-moderate income (LMI) jobs is the first grant of its kind for Jefferson County. The funds can be used for working capital, to continue operations, or to support remote work.
Since the announcement of the OCRA grant opportunity in April, JCBT member Tami Hagemier, and Visit Madison, Inc. (VMI) Grant Writer Holly Love-Gibson had been working diligently on applying. The realization that small businesses may still suffer long after the effects of the COVID pandemic was at the forefront of wanting to help bring relief to small businesses.
The grant will be turned into a Revolving Loan Fund (RLF) program for the local small and micro businesses with low-to-moderate-income (LMI) employees. Applications are open now. Businesses can go to https://jeffersoncounty.in.gov/JCRLF2020 to apply online, download the application, and find additional information. The deadline to apply is September 18, 2020.
“Jefferson County’s application highlighted that the Revolving Loan fund gives the highest priority to any veteran, woman, and minority-owned businesses located inside the County limits. OCRA is pleased to support programming to help ensure diversity is maintained in the county. Assisting small businesses through this grant and ultimately helping Main Streets and rural downtowns continue to recover is a top priority for the State,” said Matt Crouch, Interim Executive Director of the Office of Community and Rural Affairs.
The requirements for the county-wide loans are as follows:
• Up to $25,000 per business
• 3 to 5 year term
• Up to 2% interest
• Up to 1% loan administration fee
• Monthly, quarterly, or annual payments
• Payments can be deferred for the first six months at 0% interest
• Requires annual reporting by the community in perpetuity
• Balance can convert to a grant if business retains jobs for at least 2 years
• Businesses have to have less than 50 employees
• Businesses have to have been in business in 2019 and a for-profit business.
If you have any questions, please contact the Program Coordinator, Holly Love-Gibson at firstname.lastname@example.org or call 812-265-2956. Interested businesses should contact Holly Love-Gibson at Visit Madison, Inc. by September 18, 2020.