The Green River Region Development District calls on minority owned businesses in the GRADD area to apply for business loans under the CARES Act.
The guidelines and the request for the $ 3.6 million revolving loan fund were posted on GRADD’s website on Thursday.
Currently, GRADD is reaching out to various government agencies and business leaders in its seven-county area of Daviess, Hancock, Henderson, McLean, Ohio, Union and Webster counties, said Joanna Shake, executive director of GRADD.
“We have a complete list of small bushes in the GRADD area,” she said. “We are diving in depth as we release the demand for the business loan program and work to identify women and minority-owned businesses that have been hit hardest by the COVID-19 pandemic. We contacted the respective tax courts and city councils of each county as well as the business leaders of each community. Over the next week our plan is to finalize an outreach plan and we are absolutely open to any suggestions from the community on how best to reach these businesses. We don’t want someone who needs help to be overlooked or fail because we couldn’t reach them.
The funding has been awarded to GRADD through the United States Department of Commerce’s Economic Development Administration, and will be used to support businesses and nonprofits affected by COVID-19.
GRADD’s funding is part of $ 11.6 million announced by the ministry on August 27 that will be released across the Commonwealth to address the woes of small businesses affected by the pandemic. Money is a revolving credit fund.
Through the plan, between $ 5,000 and $ 250,000 can be claimed.
Aspects of the plan include zero interest for the first 12 months, waiver of application fees, deferrals of principal and / or interest payments for up to 12 months as well as a reduction in borrower’s equity and warranty requirements. The goal of the program is to help businesses thrive, Shake said.
“Our hope is that this aid program will potentially encourage more minority-owned businesses and small businesses in general to come to our region in search of opportunities,” she said. “We need to involve more people in these communities and I think if this is a potential mechanism, we should do our best. We are delighted to offer this opportunity and hope business owners in our seven counties take advantage of it.
For more information on the loan program, visit www.gradd.com.