WABASH — Grow Wabash County and the City of Wabash will be awarding Rapid Response loans to 11 local businesses as part of Grow Wabash County’s Revolving Loan Fund program.
“The City of Wabash and its partners, Grow Wabash County, Community Foundation of Wabash County and Wabash Marketplace Inc., are working hand in hand to help as many small business owners in Wabash and Wabash County fight through the COVID-19 Pandemic crisis,” Mayor Scott Long said in a statement.
“It is imperative that we get the money into the hands of affected businesses quickly to lessen the burden placed upon them at this time. Grow Wabash County and I continue to seek out additional funding so that we can help even more businesses in the coming weeks and months.”
After evaluating all of the applications, the Grow Wabash County RLF committee awarded Rapid Response loans to the following businesses: Bellazo; Eclectic Shoppe; Ellen’s Bridal & Dress Boutique; Harry’s Old Kettle Pub & Grill; Helping Touch Massage; Hometown Media, Inc.; Nancy J’s Fabrics; Uptown VR; Wabash CrossFit and Fitness; 380 Smokehouse & Grill; and 95.9 KISS FM – WKUZ Radio.
These recipients will receive low-interest loans of up to $7,500 with a 1% interest rate for a term of 24 months. The funds may be used by the businesses for working capital, payroll expenses, preventing staffing cuts and/or other expenses incurred due to COVID-19 and the resulting restrictions.
“Our community has been hit hard by the COVID-19 pandemic and it has affected everyone. As a community economic development organization, we continue to be advocates for our business community and we are thrilled to partner with the City of Wabash and our Grow Wabash County investors to make this loan program possible,” said Keith Gillenwater, president and CEO of Grow Wabash County.
“This first round is injecting much-needed funds into our business partners. This program is another strong example of the collaboration that is typical of our community – businesses, government and not-for-profits working together to make Wabash County a great place to be,” he said.
Grow Wabash County will offer a second round of applications for the Rapid Response loans. Further details regarding this second round of applications will be announced soon.