In response to the COVID-19 pandemic, each government has allocated $50,000 for their respective small businesses. The increase in funding has made more than $140,000 available for requesting Boone County small businesses. The Boone County Small Business Economic Relief Fund is managed by the Boone County Economic Development Corporation (Boone EDC). The Town of Whitestown and the City of Lebanon joined the Boone EDC, MonoSol, and Allman Johnson, CPAs as funding partners of the relief fund. Businesses looking to apply for a loan through the Small Business Economic Relief Fund can request up to $10,000 with two term options. While many are still waiting on SBA loans, this loan program serves to be a bridge as businesses adjust to restrictions created by COVID-19.
“This is an opportunity to join hands with our small businesses and communities to make Boone County stronger and ready for the future,” said Boone EDC Executive Director Molly Whitehead. “We encourage small businesses of any type to think creatively about how this funding could help them offset losses or grow in new ways during this time.” The Town of Whitestown’s allocated funds will provide assistance to Whitestown small businesses.
“Small businesses are the backbone of our local economy,” said Whitestown Redevelopment Commission President Bryan Brackemyre. “This funding will help retain businesses that are struggling during the COVID-19 pandemic and allow the Town to use the financial resources we have to support them. We are pleased to join the Boone EDC’s efforts to support local businesses.” Likewise, the City of Lebanon’s allocated funds will go to support small businesses in Lebanon. “This program will serve as a bridge to many of our Lebanon small businesses while we continue to move forward together,” said Mayor Matt Gentry. Currently, the Boone EDC provides a quick turnaround time in processing the loan requests making it an ideal opportunity for businesses needing funds to creatively impact their business through employee safety and protection, facility upgrades, inventory purchasing, and more. To learn more about the Small Business Economic Relief fund visit www.betterinboone.org/sberf.
