NEW ALBANY – Officials from One Southern Indiana (1si), the chamber of commerce and economic development organization for Clark and Floyd counties, the Community Foundation of Southern Indiana (CFSI) and the Caesars Foundation of Floyd County (CFFC) announced Monday the formation of the an emergency loan fund to assist local businesses adversely affected by the Corona Virus pandemic. The fund, which is being administered by the CFFC, will make available forgivable loans of up to $10,000 to businesses in Clark and Floyd counties.
Part of the 1si Cares Initiative, which launched last week, the loan fund guidelines and application will be housed on 1si’s corona virus response website at www.1si.org/covid-19, as well as the CFFC website at www.caesarsfoundationfc.org. Those interested in receiving assistance must submit an application, which will be reviewed by the current Caesars Foundation of Floyd County Revolving Loan Fund Committee. Members of the committee are made up of community and business leaders from both Clark and Floyd counties.
With 1si and CFSI being organizations with donors and members in both Clark and Floyd counties, it was important the loan fund be available to businesses throughout Southern Indiana.
“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 Caesars Foundation of Floyd County (CFFC), in a news release. “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. CFFC is proud to be a part of the effort and will assist in any way we can.”
In addition to operating in Clark or Floyd counties, eligible businesses must have been in operation for two years or longer, or have received revolving loan funding or bank financing, and have no federal or state liens or outstanding judgments. Loans from $2,500 to $10,000 will be considered and require no collateral. Borrowers will be required to make repayment on the zero percent interest loan in amount of $100 per month, beginning Oct. 1, 2020, with payments through Dec. 1, 2021. With regular and on-time payments, the remaining balance ($8,500 on a $10,000 loan) will be forgiven if the business operates successfully through December of 2021.