City of Madison Awarded $250,000 From the Indiana Office of Community and Rural Affairs COVID 19 Res
Madison, IN— The City of Madison was awarded an additional $250,000 of funding through the Indiana Office of Community and Rural Affairs (OCRA) COVID 19 Response Program. This funding will be allocated to the City of Madison Small Business Rescue Grant Fund, which was created to provide relief to Madison small businesses hurt by the COVID-19 pandemic.
"Through the Mobilize Madison, Bringing Business Back to Business initiative, the city has provided financial relief to 32 small businesses directly impacting 231 low-to-moderate-income employees. We look forward to the opportunity to assist additional small businesses within the city of Madison as we all continue to navigate through these challenging economic times. I am grateful to Governor Eric Holcomb, Lt. Governor Suzanne Crouch, and the team at OCRA for their support," said Mayor Bob Courtney.
Local businesses within the City of Madison corporate limits, struggling from the COVID-19 crisis, are eligible for a grant of $5,000–$10,000 to retain low-to-moderate-income (LMI) jobs and must demonstrate that at least 51% of employees are LMI. Businesses can utilize this grant for working capital, rent, payroll, and other activities that facilitate the creation or retention of LMI jobs. Those who have previously received funding are not eligible.
The Grant Review Committee will comprise of 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.
For a complete list of program guidelines and specific requirements, please contact Economic Development Director Matt Wirth at email@example.com.