The City of Madison has announced the start of a second round of the Small Business Rescue Grant program that previously helped out 10 local businesses in October.
Local businesses within the City of Madison corporate limits that are struggling from the COVID-19 pandemic, are eligible to apply for a grant from $5,000 to $10,000 to retain low-to-moderate-income (LMI) jobs.
Businesses can utilize the grant for working capital, rent, payroll, and other expenses that facilitate the creation or retention of LMI jobs.
Qualifying businesses with 20 or fewer employees must demonstrate that at least 51% of employees are LMI. Other key deciding factors are the ability to demonstrate need based on the direct correlation of business disruption due to COVID-19 and LMI job retention and creation that will be possible with the requested funding.
The Grant Review Committee will comprise the current Revolving Loan Committee, all of whom have extensive experience with small business financial planning. The committee will be tasked with ensuring applicants meet all eligibility requirements of the program. Applications will be accepted up to the end of the business day on Friday, Dec. 4.
The grants are funded with matching dollars from the state and the city through Indiana’s Office of Com- munity and Rural Affairs with the state kicking in $250,000 and the city matching $50,000.
“The initial round was able to assist 10 small businesses in our community who are committed to remaining open and helping employees battle through the economic implications from COVID-19,” said Mayor Bob Courtney. “Round Two is being launched because of demonstrated need, available funds, and proof that the impact is long-term. I am grateful to Governor Eric Holcomb, Lt. Governor Susan Crouch, and the team at OCRA for their support. In combination with funding from the City of Madison, this grant will contribute $300,000 toward the Mobilize Madison, Bringing Business Back to Business initiative at a time when it is most needed.”
Grants totaling $88,825 were awarded in the first round on Oct. 25 including: Fit for the King $10,000, Island Style Massage $5,025, Liberty Screen Print $10,000, Little Golden Fox $10,000, Mad Paddle Brewery $10,000, Madison Auto Service $8,400, Madison Gymnastics World $10,000, MPS Printing $5,400, Serendipity $10,000 and Village Lights Bookstore $10,000.
A complete list of program guidelines and specific requirements, is available by contacting Economic Development Director Matt Wirth at email@example.com.