WARSAW – Kosciusko Economic Development Corporation (KEDCo) today announced the establishment of the Small Business Relief Fund to support business recovery and job retention.
“For more than a decade, KEDCo has administered a Revolving Loan Fund to support job creation among startup and early stage companies,” said KEDCo CEO Alan Tio, “We are now expanding the framework to support small businesses and entrepreneurs during these unprecedented times.”
KEDCo is seeking funding for the Relief Fund from local- and state-level sources. The City of Warsaw is the launch partner for the program, with a commitment of $100,000 for businesses located within the city limits.
“City leaders believe it is vital that we support local businesses experiencing negative impacts from the COVID-19 pandemic at this time,” said Warsaw Mayor Joe Thallemer, “Small businesses generate local jobs, incomes, and tax revenues that keep our community growing.”
The Relief Fund will make loans of up to $10,000 to support business recovery and job retention among businesses with 50 or fewer employees. The loans will be available for up to 24-months at 0% interest with deferment of the first payment up to 6-months.
In addition, KEDCo still has $40,000 available in early-stage loan funding in increments of up to $10,000 each. The loans are available for 12- or 24-month terms at Prime+1% and a minimum of 5% borrower participation with a personal guarantee.
More information and the application form are available at the KEDCo website. Entrepreneur Navigator Rhonda Ladig works with applicants to prepare their application materials for review by the KEDCo RLF loan committee.
“We are working with local business owners to help them access an array of funding sources,” said Entrepreneurship Partner Rhonda Ladig, “We also call on a broad network of entrepreneurial support organizations ready to support entrepreneurs with economic recovery and business growth plans.”