City offers loan assistance to small businessesAugust 18, 2020
By CANDY NEAL
HUNTINGBURG — Huntingburg’s emergency loan program helped 10 small businesses in its first round.
The program opened Monday for a second round. Small businesses in the city that are feeling the impact of the COVID-19 pandemic can apply for a low-interest loan to help with operations.
“This is certainly an opportunity to help more of our businesses in this situation,” Mayor Denny Spinner told the Huntingburg Common Council last week. The council agreed, and approved opening the second round.
Applications will be due Sept. 3, and loan recipients will be announced Sept. 14. All applications are reviewed by the Huntingburg Revolving Loan Committee.
When the program was put in place in April, the council approved putting $100,000 in the fund; of that, $52,500 remains.
Ten businesses received a loan in the first round. The loans ranged from $2,500 to $5,000 and included different kinds of industry: clothing, hair styling, gifts, food and drink, arts and music, and entertainment. They all had to qualify for the Huntingburg Revolving Loan Fund program to apply for a HELP loan, said Rachel Steckler, director of community development for the city. There were some businesses that applied but didn’t receive a loan because they were outside the city limits.
Steckler said there have been inquiries about a second round.
“There were a few businesses who did not apply in the first round for various reasons,” she said. “Some didn’t need it at the time. Others already had a loan through the revolving loan fund, so they wanted to let other businesses have a chance at this emergency one.”
Spinner told the council that the committee thought it would be best to wait a couple months after the first round before going into a second round of loans. “There may have been businesses who were impacted in these last two months,” he said, “that didn’t have that same impact earlier.”
Those receiving loans in the second round will start repayment in 30 days. In the first round, it was 90 days due to an executive order in place at that time, Steckler said. The loans are for a three-year term with an interest rate of 1.5%.
HELP applications can be found through the City of Huntingburg’s website, www.huntingburg-in.gov. For information, contact Steckler at 683-2211 or by email at firstname.lastname@example.org.
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