Gov. Holcomb Announces Small Business Assistance In Response To COVID-19

Thursday, March 19, 2020 at 8:55 AM

By Gov. Eric Holcomb, press release

Hoosier small businesses invited to apply for low-interest loans from U.S. Small Business Administration.

(Indianapolis, Ind.) – Governor Eric J. Holcomb today announced that Indiana small businesses are eligible for financial assistance under a disaster designation by the U.S. Small Business Administration (SBA).

This declaration is in response to a formal request Gov. Holcomb submitted with the SBA on Tuesday, seeking assistance through the organization’s Economic Injury Disaster Loan program for small businesses impacted by the COVID-19 outbreak in Indiana.

“Small businesses play a critical role in driving Indiana’s economy forward, with more than 512,000 employing 1.2 million Hoosiers across the state,” Gov. Holcomb said. “These disaster loans will provide much needed financial support to small business owners who are weathering the impact of the coronavirus outbreak.”

Under the program, small businesses, small agricultural cooperatives and nonprofits across the state are eligible to apply for low-interest loans up to $2 million to help overcome the temporary loss of revenue due to the COVID-19 outbreak. These loans may be used to pay fixed debts, payroll, accounts payable and other bills incurred during this public health emergency. The loan interest rates for small businesses and nonprofits are 3.75% and 2.75%, respectively, with terms up to 30 years.

To qualify for disaster loans, applicants must demonstrate credit history, the ability to repay the loan, and proof of physical presence in Indiana and working capital losses. Additionally, the Indiana Small Business Development Center, which has 10 regional offices throughout the state, will provide free business advising and application assistance for small businesses impacted by the COVID-19 outbreak.

To apply for loans or receive more information about the Economic Injury Disaster Loan program, visit SBA.gov/Disaster. Contact 1-800-659-2955 or disastercustomerservice@sba.gov with additional questions. The deadline to apply for the disaster loans is Dec. 18, 2020.

More from Local News


Events

One Dead, One in Custody After Shooting in Dillsboro

Details released regarding the incident and pursuit.

Area Farms Recognized with Hoosier Homestead Award

There were 95 Indiana farms recognized at the Indiana State Fair this week.

Whitewater Processing Breaks Ground on $28.5M Facility in Dearborn County

Whitewater Processing, LLC specializes in harvesting turkeys and producing raw cuts of turkey meat.

South Dearborn Announces New Baseball Head Coach

A recommendation has been made to the board to hire Jeremy Martin.

Following NFL Try, Mason Parris Training for 2028 Olympics

Parris was a first-time Olympian in 2024.

Riehle Wins Bulldog Chase 5K; Hatton & Detmer are Overall SIRC Champs

Batesville played host to the sixth and final race on Saturday.

On Air

Chelsie playing
Dierks Bentley - Am I The Only One?

Charlie Rich The Most Beautiful Girl in the World 6:42
Montgomery Gentry What Do You Think About That? 6:35
Hardy Favorite Country Song 6:32
Garth Brooks American Honky Tonk Bar Association 6:27