COVID Relief Funding
Whitley County has $250,000 to loan to for profit businesses impacted during the pandemic. The funds are part
of the Whitley County Economic Development Corporation’s (Whitley EDC) Revolving Loan Fund (RLF) and will
be loaned through an application process. Applications are accepted until all the funds are dispersed.
What Businesses Should Know
- Businesses may apply for loans no less than $5,000 and no more $25,000.
- The term is a three-year loan at 2% interest. Applicants must be a for profit small-business, defined as a business with 100 employees or less, or a for profit micro-entity, which is a business with the owner listed as an employee and has less than five total employees.
- Fifty-one percent of the jobs must make less than $39,850 per year
- The business must be impacted by the pandemic and have plans to pivot or change business models to retain jobs.
- Each applicant must meet with Scot Goskowicz, from the Indiana Small Business Development Center at the Whitley EDC office before applying.
About the Loans
COLUMBIA CITY, Ind. (September 10, 2020) – Whitley County was awarded funds to disperse to for profit businesses affected during the pandemic.
The Indiana Office of Rural and Community Affairs (OCRA) awarded Whitley County $250,000 in funds to add to the Whitley County Economic Development Corporation (EDC) Revolving Loan Fund (RLF) to help businesses remain sustainable during the current pandemic.
The loans are available to for-profit small businesses, defined as businesses with 100 or fewer employees and for-profit micro-entities, which are businesses with five or fewer employees where the business owner is also an employee.
“These loans are designed to help companies pivot and retain jobs that are affected by the pandemic. I’m thrilled we received the competitive dollars to continue supporting Whitley County business,” said Dale Buuck, Whitley EDC president.
The loans have a three-year term with a 2% interest and opportunities to defer interest or become forgivable after the first two years.
These loans are not available for construction or renovation purposes and are not available for nonprofit organizations.
OCRA awarded the funds to Whitley County through collaboration with the Whitley County Commissioners, Columbia City and Columbia City Connect.
Interested businesses must meet with Scot Goskowicz from the Indiana Small Business Development Center and then complete the application. Applications are accepted until the funds are dispersed.
For more information, call the Whitley EDC office at 260.244.5506 or email firstname.lastname@example.org.
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About Whitley County EDC
The Whitley County Economic Development Corporation (EDC) is the lead economic development agency in Whitley County, Indiana. The EDC works closely with local, regional and state partners to support our industry clients’ growth and success. Our mission is to lead a comprehensive economic development program that retains and expands employment opportunities for residents and attracts business investment to Whitley County. The Whitley County EDC was established in 1992 and represents Whitley County, Columbia City and the towns of Churubusco, Larwill and South Whitley. For more information about the EDC visit whitleyedc.com.
Kennedy St.George (Whitley County EDC) – 260.244.5506 email@example.com