Mayor Todd Barton announced Wednesday the creation of a new COVID-19 Small Business Loan Program. Available to small businesses within the city, it is designed to bridge an immediate gap for those businesses which are suffering financially due to the state-ordered restriction of activities for individuals and businesses as a result of the COVID-19 pandemic.
Loans are for an initial one-year term at zero interest and can assist small businesses with expenses such as payroll, rents, mortgage payments, tax liabilities and other essential operational business needs. At the end of the first year, the loan will be reviewed for final terms and possible loan forgiveness. For the purposes of this emergency program, the city defines small business as a business entity, including but not limited to corporation, limited-liability company, partnership or sole proprietorship, located in the city of Crawfordsville, with 50 or less total employees. Eligible businesses must have been current on all property taxes through 2019. (2018-pay-2019 tax liability period)
“Small businesses are the heartbeat of our community,” Barton said. “During this crisis, we have seen first-hand what happens when our local retailers and service providers shut down, or limit services. Many of them have turned to the Small Business Administration for much-needed financial assistance, and while the SBA is doing everything they can to move quickly, that process will take time. Unfortunately, many of our business owners don’t have the luxury of time right now. We in local government can react more quickly, and this program is in direct response to the calls for help we have received from our small business community.”
Furthermore, “Our small business owners have done an amazing job of adapting in these unprecedented times and I am very confident they will be even stronger in the end, if we can just help them get through the immediate challenges. I appreciate that these businesses have been here for our community and it’s now time for the city to be here for them.”
Funds are being made available through the City’s Jobs Creation and Investment Fund, which was created jointly with the city council in 2019, in an effort to provide local incentives to new industries which were creating higher wage jobs. Barton’s Executive Order 20-06 allows for the use of these funds to assist small businesses during this public health and financial emergency.
Interested businesses should contact Barton at 765-364-5160 or via email tbarton@crawfordsville-in.gov for an application, and with any questions. Currently there is no deadline to apply, but funds are limited, so time is of the essence.
In addition, individuals and other businesses in the community may contribute to the fund and donations will be applied directly to assist small businesses in need. Anyone wishing to contribute should contact Barton or Clerk-Treasurer Terri Gadd at 765-364-5150 or via email tgadd@crawfordsville-in.gov.
