County opens next round of Revolving Loan Funds

Deadline to apply is June 2nd

With $29,800 currently available in Jefferson County’s Revolving Loan Fund, applications are now open for another round of awards to small businesses.

The Jefferson County Commissioners will determine how many and what businesses will will be awarded loans from the funds that are available.

When the businesses repay their loans, the money can then go back “into a fund so that it’s able to be re-gifted again” and that the “is actually impacting people in the community that I live in.”

Economic development plan that uses the Revolving Loan Fund (RLF) was established by the Office of Community and Rural Affairs (OCRA).

Applicants must be small businesses in Jefferson County that were negatively affected by the COVID-19 pandemic. The Jefferson County RLF, which is overseen by the Jefferson County Commissioners, is focused on assisting small businesses with low-to-moderate income level employees and prioritizes businesses that are owned by veterans, minorities and/or women.

Qualifications include the business must have one or more low to moderate income employees and be an established and profitable business since 2019.

The long terms and conditions are for a four-year term with no interest with the loan forgiven after two years of successful and timely monthly payments. Eligible expenses include rent/utilities/mortgage, payroll/production/inventory expenses, and expenses related to the pandemic.

Ineligible businesses include 501©(3) and municipalities, any small business that has received COVID-19 relief funds from OCRA and any small business outside of Jefferson County.

Applications for the current round of loans are due by noon on Friday, June 2, with awards announced Thursday, June 15. Applications can be mailed or dropped off to the Jefferson County Courthouse, Commissioners Office: Attention Erica Cline, 300 East Main Street, Room 103, Madison, Indiana 47250.