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 Wednesday the initial $360,000 raised to assist businesses adversely affected by the Coronavirus pandemic has been awarded.
The fund, named the COVID-19 Small Business Emergency Forgivable Loan Program, provided forgivable loans of up to $10,000 each to 37 businesses in Clark and Floyd counties.
Of the initial $360,000 raised, $214,000 was earmarked by the donors to be applied to businesses within a specific municipality or county. The remaining $146,000 was designated to be split evenly among businesses within Clark and Floyd counites.
In Clarksville, S&R Towing & Recovery, LLC, received a $10,000 loan.
“With the help of this loan, our small business will stay afloat amid these uncertain times,” owner Bobby Raggard said in a news release.
Other Clarksville businesses set to receive loans are 2 Guys and a Pickup LLC, SK3, LLC (S.K. Sign and Banner) and the Southern Indiana Tennis Center.
Donum Dei Brewery was the recipient of a $10,000 loan from a fund designated for use by businesses located in New Albany or Floyd County.
JM Ways LLC (Skyline Chili), Kentuckiana Music Center, Periago Orthodontics LLC, and Rainbow Dance Academy also received funding from this source.
In New Albany, Bobby Bass, owner of MESA – A Collective Kitchen, and also a loan recipient.
“Our MESA concept has suffered greatly and with all revenue, literally stopping... this helps us tremendously,” Bass said.
Additional funding in New Albany was also awarded to Copier Mart, Honest & Fair Appliance Repair, SIGS Sportsplex and Stumler’s Catering
Terri Lyn Doyle, owner of Terri Lynn’s Catering in Floyd County was a recipient. Also receiving funding from this designated fund was Starlight Coffee, House of K Boutique, The Purple Pearl and Summers of New Albany.
Established in 1993, Mark Fraley Produce, Inc., which was granted a loan, has become a staple of the Sellersburg community. Genesis One Enterprise, Inc., (Genesis Home loans) and Rubbin’ Butts BBQ LLC, also received funding in Sellersburg.
With the undesignated funds, seven business from each county received loans from the program. In Clark County, companies receiving assistance were: Brinegar Family Dentistry, Blitz Manufacturing, Hyperion Ventures, Sounds Unlimited Productions, Todaro Ventures LLC (American Smokehouse Stadium), Tranzformationz Salon and VIP Awards and Gifts.
The seven Floyd County businesses granted loans were Bliss Travel, Clucker’s New Albany, Dehoney Travel, Inc., Kelly Dental Laboratory, Madhouse, The Stained Glass Gallery, LLC, and Track Days Turning LLC.
A limited amount of funding remains for businesses located in Clark County outside of incorporated areas. At this time, Huber’s Family Farm and Restaurant is the only business that has taken advantage of the program in this designated area.
Going forward, municipalities, private foundations, organizations and citizens interested in providing much-needed direct assistance to local small businesses are invited to contribute to the COVID-19 Small Business Emergency Forgivable Loan Program through the Community Foundation of Southern Indiana. Contributions may be made at the CFSI website, https://www.cfsouthernindiana.com/giving-planning/give-today/. Donors simply work through the steps and choose “Small Business” as their giving choice. If desired, donations may be designated for businesses in specific counties or municipalities.
“We approached this endeavor from a ‘triage’ perspective. Everyone involved agreed the goal was to get as much funding out to our businesses in need as quickly as possible,” President and CEO of 1si Wendy Dant Chesser said. “Needless to say, we were overwhelmed by need and had to turn many worthy businesses away in the end. I think I speak for the whole business community when I say it is our hope funding will be made available for a second round of loans.”