ANGOLA – Fueled with another $ 350,000, the Angola Investment Fund has opened the next round of its COVID-19 forgiveness program.
“We’re ready to start,” said AIF board member Katie Armstrong. “We want this money to be scattered.”
The program, which is funded by the Indiana Community and Rural Affairs Office’s COVID-19 Response Grants Program and the Angola Major Movements Fund, is designed to help local Angolan businesses negatively impacted by the pandemic to meet certain eligible costs.
AIF was denied an application to participate in the 1st round of the OCRA grants program, but in August 2020, $ 250,000 for Round 2 funding was approved. AIF then disbursed $ 100,000 through the Major Moving Fund for a total of $ 350,000. To date, around $ 15,000 is left from the 2nd round.
Having received $ 250,000 from the approval of the OCRA Round 3 application in April, as well as another $ 100,000 match from the Major Relocation Fund, AIF intends to continue its $ 365,000 forgivable loan program.
“This is all very valuable and timely,” said AIF Board Member Mike Landum. “The pandemic has created a lot of shocks for everyone, but if you are a small business owner, this is especially difficult.”
The Forgivable Loan Program offers loans of $ 10,000 to businesses within a city that have 50 or fewer employees, with the majority of employees earning between $ 39,000 and $ 100,000.
The loan can only be used to pay for utilities, rent or mortgage, insurance and taxes. Salaries, supplies and marketing are not accepted.
Companies submit a report on how they intend to use the funds when applying. When the loan matures in six months, the AIF board checks whether the entity has used the funds as originally indicated. If so, the loan is forgiven.
Companies that have not spent $ 10,000 within the allotted six months can apply for a six month grace period. If at the end of the loan year the company cannot or has not spent the money in accordance with the application, then the loan must be repaid at 1% per annum.
Armstrong said none of the more than 30 second round recipients defaulted.
“All we ask is that companies can confirm that they have suffered losses due to COVID,” she said. “It’s not just a financial impact. How has COVID affected you all? “
The Loan Forgiveness Program has helped many Angolan businesses reduce additional costs due to the pandemic and stay afloat in uncertain situations.
Some of the businesses include Everage Auto, Sutton’s Deli, Larry’s Lock and Safe, The Hair Center, Relic Emporium, Tri-State Carpet and Restoration, A Touch of Lace, and Angola Fitt4Life, which Jill Winkler took over in February 2020, right before the pandemic. officially started.
Winkler said she was unable to receive any federal assistance and decided to apply for the forgiveness program.
“I have gained so much from this and I cannot thank them for what they did,” Winkler said. “This is how they understood our needs.”
The AIF Concessional Loan Program is currently open to apply for the third round.
For assistance with your application, contact Downtown Services Coordinator Maria Davis at 260-624-2698 or firstname.lastname@example.org…