As we continue to connect residents with rent and utility assistance, the Reopen Evansville Task Force is also reminding local businesses that the City has several financial resources that might help them navigate through this difficult time:
- Re-open Evansville Post Pandemic (REPP) is a $5,000 loan at zero percent interest for five years to assist businesses who were closed or had a drastic reduction in business due to the Stay-at-Home order and delayed re-openings. These loans are available through October 2020 or until the $100,000 allocation is exhausted. We have expended about 60% at this time.
- The Neighborhood Revitalization Strategy Area (NRSA) COVID Relief Fund assists businesses located within Jacobsville (& Lamasco) and Haynie’s Corner with expenses to provide for a safer environment for employees and customers. Businesses who need PPE, regular sanitation or equipment to social distance and safeguard personal health may be interested in this fund. The forgivable loans are available through August 2020.
- The City has had for many years an Economic Development Administration Revolving Loan Fund (EDA-RLF). Normally, applicants to this fund were required to obtain a turndown letter from a bank. However, EDA has allowed the City to amend its lending plan to waive the letter and to be more flexible with interest rates. This opportunity is available through May of 2021 when the fund will revert back to requiring a turndown letter and a minimum interest rate tied to prime.
- In addition to the existing EDA-RLF, EDA has provided new funds in the amount of $500,000 for loans to assist businesses to respond to the impact of COVID. This loan pool to has flexible rates and terms as well as not requiring a turndown letter from the bank. This EDA-RLF-CARES will initially be available for response to COVID and then as it revolves will be a permanent part of the City’s loan resources following the same rules as the existing EDA-RLF.   The flexibility will last until July 2022 or until the $500,000 has been lent.
Potential applicants to these loan funds are asked to contact Karina at the Indiana Small Business Development Center (ISBDC) at 812-425-7232 or khampton@isbdc.org. Karina will set up an appointment with a business counselor who will then assist with compiling the information for the loan applications and then submitting them to the Department of Metropolitan Development (DMD) who will present it to the Loan Administration Board.
More information is available on the Reopen Evansville Assistance Portal: https://assistance.reopenevanvsille.com.
