INDIANAPOLIS (WLFI) — Indiana small businesses are eligible for financial help due to the COVID-19 outbreak under a plan announced by Gov. Eric Holcomb Thursday.
Small businesses can apply for low-interest loans under a disaster designation from the U.S. Small Business Administration. The loans can cover up to $2 million to help overcome the temporary loss of revenue due to the COVID-19 outbreak. According to a news release, these loans may be used to pay fixed debts, payroll, accounts payable and other bills incurred during this public health emergency. The loan interest rates for small businesses and nonprofits are 3.75% and 2.75%, respectively, with terms up to 30 years.
Small businesses, small agricultural cooperatives and nonprofits are all eligible.
“Small businesses play a critical role in driving Indiana’s economy forward, with more than 512,000 employing 1.2 million Hoosiers across the state,” Gov. Holcomb said. “These disaster loans will provide much needed financial support to small business owners who are weathering the impact of the coronavirus outbreak.”
To qualify, small businesses must demonstrate credit history, the ability to repay the loan, and proof of physical presence in Indiana and working capital losses, according to the release. Additionally, the Indiana Small Business Development Center will provide free business advising and application assistance for small businesses impacted.
To apply, click here.