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New Albany council to weigh adding to Main Street business loan program | News

New Albany council to weigh adding to Main Street business loan program | News

NEW ALBANY — The New Albany Town Council will fulfill at 7 p.m. Monday to examine contributing $55,000 for the One particular Fund for organizations on Key Street that are getting influenced by construction.

Previous 7 days, One Southern Indiana announced it would supply no-desire financial loans to downtown New Albany businesses afflicted by ongoing Most important Street design and the Sherman Minton Renewal project.

Suitable enterprises have to run out of a “brick and mortar” spot within the Central Enterprise District of New Albany as an in-individual retail, cafe or bar, or individual services institution.

Jason Applegate

Jason Applegate

They should be in a position to clearly show a present-day lease agreement, making mortgage arrangement or creating possession. They should have 50 or much less total-time personnel, have been in company at minimum two many years or display month to month P&L statements and business enterprise progress and have no federal or condition liens nor any exceptional judgments.

The city council will vote on appropriating $55,000 for the software, as $50,000 would go for financial loans and $5,000 will go for administrative service fees this kind of as closing costs.

Corporations that are accredited for the financial loan will receive any amount concerning $2,500 to $25,000 with a {797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} curiosity price, and compensation will not begin until finally January 2024.

Alongside the A single Fund, the council will vote for the appropriation of $20,000 to go towards marketing for individuals New Albany organizations.

The cash for the business loans and for the advertising will occur from either Riverboat resources or Financial Development Revenue Tax, or EDIT cash. The council will choose which one particular to use at the conference.

“We worked tricky with them (A person Southern Indiana) to be equipped to secure an solution for some money opportunity (for the businesses),” stated New Albany Town Council member Jason Applegate. “This was attributed to that fund to make confident that there is funds to be capable to mortgage out to these firms.”

The cash for the marketing of the organizations will be a parallel effort to the small business financial loans to encourage retailers, eating places and other outlets in the metropolis.

“The advertising bucks is to proceed with what the administration has been undertaking,” Applegate claimed. “…with the videos, I believe that they experienced a electronic billboard and will continue to those people attempts.”

1 Southern Indiana will be the overseers of the $55,000 for the enterprise financial loans.

Josh Turner

Josh Turner

“It’s going to be helpful if it’s permitted,” explained New Albany Metropolis Council Member Josh Turner. “I do have some worries. One getting that it seems to be like that might be created to assistance enterprises that have been there at minimum two several years. I would like to see if there’s any flexibility in that.”

Turner would like to see some versatility for the reason that some of the enterprises influenced by the building have not been there for two several years.

He additional that the council should really use the Riverboat resources fairly than EDIT thanks to the Riverboat fund not currently being derived from taxes.

“I don’t want to set the taxpayers on the hook for this,” Turner reported. “The EDIT funds, even even though they are used for economic progress, we could likely use it somewhere else.”

A single Southern Indiana is accepting financial loan applications by Feb. 10. Fascinated businesses can request full eligibility demands and bank loan terms by emailing Mike Fulkerson, 1si’s Smaller Business Navigator, at [email protected].