ANGOLA — Refueled with another $350,000, the Angola Investment Fund has opened up the subsequent spherical of its COVID-19 forgivable bank loan application.
“We’re completely ready to begin it,” mentioned AIF Board member Kathy Armstrong. “We want to get this cash dispersed.”
The software, which is funded by the Indiana Office environment of Neighborhood and Rural Affairs’ COVID-19 Response Grant System and Angola’s Important Moves Fund, is meant to assistance neighborhood Angola corporations that have been adversely impacted by the pandemic shell out for certain qualified fees.
The AIF was denied its Spherical 1 application for the OCRA grant software but received acceptance in August 2020 for Spherical 2 funding of $250,000. The AIF then matched $100,000 by means of the Important Moves Fund for a whole of $350,000. To date, about $15,000 stays from Spherical 2.
With $250,000 from the approval of a Round 3 OCRA software in April as effectively as another $100,000 match from the Main Moves Fund, the AIF is set to go on it is forgivable bank loan application with a whole of $365,000.
“It’s all been pretty appreciated and well timed,” said AIF Board member Mike Landum. “The pandemic has developed a lot of disruption for all people, but if you are a modest business enterprise operator, it is particularly difficult.”
The forgivable bank loan program presents $10,000 loans to enterprises inside of the city limit who have 50 or fewer personnel, with a the greater part of workers earning between $39,000-$100,000.
The bank loan can only be made use of for utilities, rent or mortgage, insurance coverage and taxes. Payroll, supplies and promoting are not qualified.
Organizations submit a report of how they intend to use the money though applying. When the mortgage will come due just after 6 months, the AIF board will critique no matter if or not the small business has made use of the funds as at first indicated. If so, the financial loan is forgiven.
Enterprises that have not used the $10,000 in the allotted 6 months can implement for a six thirty day period deferment. At the close of that loan’s year, if the small business simply cannot or has not expended the money in accordance to its software, then the loan must be paid out back again with 1% curiosity.
Armstrong mentioned that none of the around 30 next round recipients have defaulted.
“All we’re asking is that corporations can substantiate that they experienced a decline due to COVID,” she stated. “It’s not just a economic affect. It is, how did COVID effects you all all-around?”
The forgivable loan program has served a lot of Angola businesses mitigate extra costs thanks to the pandemic and continue to be afloat for the duration of uncertain situations.
Some of the organizations consist of Everage Vehicle, Sutton’s Deli, Larry’s Lock and Secure, The Hair Center, Relic Emporium, Tri-State Carpet and Restoration, A Touch of Lace and Angola Fitt4Existence, which operator Jill Winkler took more than in February 2020 correct in advance of the pandemic formally began.
Winkler stated she experienced been not able to acquire any federal aid support and made a decision to use for the forgivable financial loan system.
“I benefited so much from this, and I cannot thank them sufficient for what they did,” Winkler explained. “They were so understanding of our requirements.”
The AIF forgivable loan software is currently open for Spherical 3 purposes.
For software assistance, contact Downtown Companies Coordinator Maria Davis at 624-2698 or [email protected]