KEDCo Launches Small Business Relief Fund
April 23, 2020 at 4:08 p.m.
KEDCo Launches Small Business Relief Fund
By Staff Report-
"For more than a decade, KEDCo has administered a Revolving Loan Fund to support job creation among startup and early stage companies," said KEDCo CEO Alan Tio. "We are now expanding the framework to support small businesses and entrepreneurs during these unprecedented times."
KEDCo is seeking funding for the Relief Fund from local- and state-level sources. The city of Warsaw is the launch partner for the program, with a commitment of $100,000 for businesses located within the city limits.
"City leaders believe it is vital that we support local businesses experiencing negative impacts from the COVID-19 pandemic at this time," said Warsaw Mayor Joe Thallemer. "Small businesses generate local jobs, incomes and tax revenues that keep our community growing."
The Relief Fund will make loans of up to $10,000 to support business recovery and job retention among businesses with 50 or fewer employees. The loans will be available for up to 24-months at 0% interest with deferment of the first payment up to six months.
In addition, KEDCo still has $40,000 available in early stage loan funding in increments of up to $10,000 each. The loans are available for 12- or 24-month terms at Prime+1% and a minimum of 5% borrower participation with personal guarantee.
More information and the application form are available at the KEDCo website. Entrepreneur Navigator Rhonda Ladig works with applicants to prepare their application materials for review by the KEDCo RLF loan committee.
"We are working with local business owners to help them access an array of funding sources," said Ladig. "We also call on a broad network of entrepreneurial support organizations ready to support entrepreneurs with economic recovery and business growth plans."
The digital loan application can be found at on the COVID-19 Pandemic Resources page on the KEDCo website at kosciuskoedc.com or at https://forms.office.com/Pages/ResponsePage.aspx?id=SLnLGHyBo0uErbZhM1vWOz4PPrCt38FPj4tJGe69aFZUNjFOWVJCSlVaSjlQT1Q2MEZEN1FMMkNRQS4u
For more information on resources or KEDCo initiatives, contact KEDCo.
Stay up-to-date with what's happening by connecting with KEDCo on Facebook, Instagram and LinkedIn.
KEDCo was formed in 1984 as Kosciusko Development Inc. to promote economic and community development throughout Kosciusko County. KEDCo is the economic development corporation serving Kosciusko County and all the municipalities therein. Its mission is to convene, build and show the community’s economic growth resources. For more information, visit www.kosciuskoedc.com.
"For more than a decade, KEDCo has administered a Revolving Loan Fund to support job creation among startup and early stage companies," said KEDCo CEO Alan Tio. "We are now expanding the framework to support small businesses and entrepreneurs during these unprecedented times."
KEDCo is seeking funding for the Relief Fund from local- and state-level sources. The city of Warsaw is the launch partner for the program, with a commitment of $100,000 for businesses located within the city limits.
"City leaders believe it is vital that we support local businesses experiencing negative impacts from the COVID-19 pandemic at this time," said Warsaw Mayor Joe Thallemer. "Small businesses generate local jobs, incomes and tax revenues that keep our community growing."
The Relief Fund will make loans of up to $10,000 to support business recovery and job retention among businesses with 50 or fewer employees. The loans will be available for up to 24-months at 0% interest with deferment of the first payment up to six months.
In addition, KEDCo still has $40,000 available in early stage loan funding in increments of up to $10,000 each. The loans are available for 12- or 24-month terms at Prime+1% and a minimum of 5% borrower participation with personal guarantee.
More information and the application form are available at the KEDCo website. Entrepreneur Navigator Rhonda Ladig works with applicants to prepare their application materials for review by the KEDCo RLF loan committee.
"We are working with local business owners to help them access an array of funding sources," said Ladig. "We also call on a broad network of entrepreneurial support organizations ready to support entrepreneurs with economic recovery and business growth plans."
The digital loan application can be found at on the COVID-19 Pandemic Resources page on the KEDCo website at kosciuskoedc.com or at https://forms.office.com/Pages/ResponsePage.aspx?id=SLnLGHyBo0uErbZhM1vWOz4PPrCt38FPj4tJGe69aFZUNjFOWVJCSlVaSjlQT1Q2MEZEN1FMMkNRQS4u
For more information on resources or KEDCo initiatives, contact KEDCo.
Stay up-to-date with what's happening by connecting with KEDCo on Facebook, Instagram and LinkedIn.
KEDCo was formed in 1984 as Kosciusko Development Inc. to promote economic and community development throughout Kosciusko County. KEDCo is the economic development corporation serving Kosciusko County and all the municipalities therein. Its mission is to convene, build and show the community’s economic growth resources. For more information, visit www.kosciuskoedc.com.
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