Today, the City of Fishers released the application for its small business Start-Up and Recovery Loan program. Loan applications will be accepted through 11:59 p.m. on Saturday, May 2.
“Small businesses are at the heart of what makes Fishers a vibrant city,” said Fishers economic development director Megan Baumgartner. “We are working alongside all businesses large and small to make sure they’re opening safely when that time comes. This loan program is a step forward to help the businesses that will struggle with the operating costs associated with re-opening under the new normal.”
The City will allocate up to $500,000 toward the loan program. Eligible small businesses are identified businesses that employ twenty-five FTEs or less and indicate at least one of the following:
- Designated as non-essential under Governor Holcomb’s stay-at-home Executive Order
- Unable to adapt their business model to sustain existing revenue during the COVID-19 pandemic
- Essential businesses that had to furlough or lay off 50% or more of their workforce as a result of COVID-19
- Must be able to demonstrate a direct correlation of their business disruption due to COVID-19
The Start-Up and Recovery Loan program applications will be accepted April 27 through 11:59 p.m. May 2. The loan applications may not exceed $15,000. Loans will have a 1% interest rate over a three-year period. Businesses will receive a deferral of repayment for six-months following disbursement.
For more information and to apply, businesses may visit www.fishersrecovery.com/recovery.