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Note: This is a press release from the Chamber of Commerce of Harrison County.
Contributors Give Initial $300,000 to Assist Local Businesses with Recovery
April 23, 2020 (Corydon, Ind.) – Officials from the Harrison County, Indiana Commissioners and Council, the Chamber of Commerce of Harrison County, the Harrison County Community Foundation and the Harrison County Economic Development Corporation announced today a new low interest small business loan program designed to assist Harrison County’s smallest businesses hardest hit by the COVID-19 crisis with recovery efforts.
As previously reported, the Harrison County, Indiana Commissioners and Council Members first established the historic program on Monday, April 13, 2020 utilizing the Harrison County Community Fund, held in endowment, at the Harrison County Community Foundation. On Thursday, April 16, 2020 the Chamber of Commerce of Harrison County donated an additional $100,000, matched by the funds allocated by the Harrison County Commissioners and Council Members, bringing the current loan funds available in the program to $300,000. The Harrison County Community Foundation will decide at their May 4th board meeting their level of involvement in this program.
President of the Chamber of Commerce of Harrison County, Lisa Long, shared, “It is remarkable that during this unprecedented global health crisis that leaders across Harrison County, Indiana were able to connect to develop this exceptional loan program to assist our most vulnerable small businesses. Although all of the contributors of this program understand we may not be able to fund every request, this program is going to go a long way to ensuring that our vibrant small business community perseveres.” Chamber Board Chair, Taylor Johnsons, commented, "During this time, many communities will struggle to find the resources and leadership needed to combat this crisis. I am heartened and encouraged to know that in Harrison County, we have the necessary resources and a surplus of leadership available to help our businesses navigate the coming months."
Applications for this loan program will be accepted beginning today, with the deadline for requests being 5:00 PM Thursday, May 7, 2020. The application and complete information on eligibility and terms can be found at the Chamber of Commerce of Harrison County website, at www.harrisonchamber.org.
For-profit businesses, with 30 employees or less, interested in applying for support must be locally owned and operated in Harrison County, Indiana and have a physical location outside of the home. Franchisees, independent consultants/distributors, real estate agents and property management companies are not eligible to participate in the program. Non-profits may contact Harrison County Community Foundation for COVID-19 emergency grant assistance. Recipients of the Harrison County COVID-19 Small Business Economic Relief Program will be required to speak with a representative of the Southeast Indiana Small Business Development Center to review business planning and discuss how to prepare their business for future emergency situations.
The Harrison County Commissioners and Council Members and Chamber of Commerce of Harrison County have dedicated funds totaling $300,000 to assist businesses in Harrison County. The Chamber of Commerce of Harrison County will coordinate the application process and the Harrison County Economic Development Corporation, a 501 (c) 3, non-profit corporation, will act as the fiscal agent for the funds and work with the Chamber to administer this program. Darrell Voelker, Executive Director of the Economic Development Corporation said, “The EDC is pleased to join with the County, the Chamber and the Community Foundation to deliver this assistance to our Small Business Community.”
Jennie Capelle, Harrison County Council Member said, “We have the resources, so we need to support the economic health of our community.” Council member Holli Castetter commented, “The Rainy Day Fund was established for such a time as this; our short-term investment in Harrison County’s small businesses will give our economy the best chance at long-term survival.” “The County's economic vitality depends on a strong small business community. These loan funds have been made available to help small businesses get through these unprecedented times and remain a vital part of what makes Harrison County the best place to live, work and play,” shared Harrison County Council Member Donnie Hussung. Also, Brad Wiseman, another Council member, expressed, “I’m very thankful that we have been able to grow the Community Fund to a level that will allow the Commissioners and Council to help our small businesses in Harrison County get through this unprecedented time of need.” County Commissioner Charlie Crawford articulated, “As a County I am pleased that we have all worked together to bring this needed assistance to our small business community. The Community Fund provides the perfect resource for these tough economic times.”
According to loan organizers, the purpose of the loan is to keep small businesses viable through the COVID-19 pandemic and recovery. Loans up to $7,500 will be considered. Approved borrowers have the option of choosing either a one percent, 24 month loan or a one and a half percent, 36 month loan. All loan payments will begin 6 months after funding. During the initial 6 months no interest will accrue and the borrower has the ability to reduce the loan principal balance at will. There is no pre-payment penalty. Payments of principal and interest calculated on the unpaid balance will begin the first day of the 7th month after loan funding and will be based on the remaining months in the loan term selected.
Funds will be awarded based on demonstrated need and may only be used to offset COVID-19 losses, maintain employees, provide pay for employees unable to work due to COVID-19 or pay business related rent/mortgage/utilities. A loan committee has been established and will review applications and required documentation including a detailed explanation of need and proposed use of funds from the business owner(s) to determine funding eligibility. Applicants will also need to submit profit and loss statements and balance sheets for the fiscal year ending 2019 and year to date 2020 as well as an executive summary of their business plan. Complete list of required documentation is included in the application and can be found on the Chamber’s website at www.harrisonchamber.org.
"Like all residents of Harrison County, I appreciate and value our small businesses that provide employment and valuable goods and services to our residents. These small businesses are a vital part of what we treasure about Harrison County. This collaborative program is an opportunity to show small businesses our community support," Julie Moorman, President and CEO of the Harrison County Community Foundation. On May 4, 2020, at their regularly scheduled board meeting, the Harrison County Community Foundation will determine at what level they will participate in the COVID-19 small business recovery loan program.
To apply for the Harrison County COVID-19 Small Business Recovery Loan, visit the Chamber of Commerce of Harrison County website at www.harrisonchamber.org. Questions regarding the loan application may be directed to Lisa Long via email at firstname.lastname@example.org.
Chamber of Commerce of Harrison County — Lisa Long, (812) 736-0248, email@example.com.
July 8, 2022