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Fishers accepting small business loan applications through Saturday

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Posted at 12:55 PM, Apr 27, 2020
and last updated 2020-04-27 12:55:25-04

FISHERS — Small businesses in Fishers can begin submitting applications for the city's start-up and recovery loan program.

A news release from the City of Fishers said loan applications will be accepted through 11:59 p.m. Saturday. The city will allocate up to $500,000 toward the loan program.

“Small businesses are at the heart of what makes Fishers a vibrant city,” Fishers economic development director Megan Baumgartner said.

Fishers Mayor Scott Fadness announced the loan program last Thursday as part of a recovery plan that also includes free COVID-19 tests for city residents and the future establishment of the Fishers Health Department.

RELATED | Fishers mayor's COVID-19 recovery plan includes free testing for all residents, small business help

Small businesses that are eligible must employ 25 or fewer full-time and fall under at least one of the following categories:

  • Designated as non-essential under Indiana Gov. Eric 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.

Loan applications cannot exceed $15,000, the news release said. Loans will have 1% interest rate over a three-year period, and businesses will receive a deferral of repayment for six months after receiving the funds.

“We are working alongside all businesses large and small to make sure they’re opening safely when that time comes," Baumgartner said. "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."