City's Grant Program to Assist Small Businesses
Madison, IN— The City of Madison continues to dedicate resources to ensure the local business community has access to state, federal, and local business assistance programs as our community recovers from the COVID-19 crisis.
The Indiana Office of Community and Rural Affairs (OCRA) offers an opportunity for financial assistance to local units of government that may be used to support small businesses' economic recovery. The city is eligible to apply for up to $250,000 in grant funds and is currently in the process of assessing small business needs. Local businesses, within the City of Madison corporate limits, struggling from the COVID-19 crisis, are eligible to apply for a grant of $5,000–$10,000 to retain low-to-moderate-income (LMI) jobs.
"This city-wide initiative is important for job retention and business viability at this critical time. This program will promote sustainability for our most vulnerable businesses that are critical to fueling our local economy," said Mayor Bob Courtney.
Qualifying businesses must demonstrate that at least 51% of employees are LMI and must keep those positions for the program's length, which is anticipated to be five years. Other key deciding factors are as follows; the ability to demonstrate need based on the direct correlation of business disruption due to COVID-19, LMI job retention and creation that will be possible with the requested funding, and the business cannot employ over 20 full-time and part-time employees. Businesses that have received other CARES Act assistance are not eligible to apply for this program.
"This grant program could provide our struggling small businesses with an opportunity to access working capital that will assist them in operating their business during these difficult times. Madison relies on our small businesses to provide unique, indispensable services and products to our residents. We created this grant program to keep these businesses operating, especially those who really need working capital to keep employees or prevent closing," said Economic Development Director Matt Wirth.
If you have any questions or concerns, please contact Matt Wirth at firstname.lastname@example.org. Interested businesses should contact Matt Wirth at the City of Madison by July 24, 2020. It is important to note that the program will only be implemented if funding is received from OCRA.