Angola, IN – Another Angola business has been awarded a forgivable loan. This award makes nine local small businesses awarded a total of $83,000 in 2020.
The forgivable loan program is designed for local service and retail small businesses that had been adversely impacted by COVID-19 and the restrictions it has imposed. The funds will assist these businesses during this challenging economic period. OCRA agreed to award $250,000 to Angola for this forgivable loan program. The City of Angola through the AIF added $100,000 to increase the total amount available for forgivable loans to $350,000. The given funds that meet certain criteria will be forgiven. Minority-owned businesses will be given priority with this program.
Completed applications are reviewed by the AIF Review Committee who is made up of local finance professionals and community representatives that are convened by the city to evaluate the applications. After considering two rounds of funding applications submitted, the committee voted to approve 9 small businesses located in the city. The award amounts range from $5,000 to $10,000 and was determined by the adverse impact COVID-19 has had on their business.
The recipient of the forgivable loan in round 2 is: The Hair Center.
The recipients of the forgivable loans in round 1 were:
• Brown N Bare Tanning • Larry’s Lock & Safe
• McCools Tavern • Procup Racing
• Sutton’s Deli • Timbers Steak and Seafood
• Fitt4Life • ROCO Hair Shop
Applications are still being taken for retail and service small business severally impacted by COVID-19. Please go to the City of Angola’s website to learn more about the funding and how to apply at https://www.angolain.org/egov/apps/document/center.egov?view=item;id=1066.
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