1si offering loans to downtown New Albany businesses
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A new program aims to alleviate financial strain on small businesses in downtown New Albany stemming from the city’s Sherman Minton Bridge Renewal Project and road improvement projects.
One Southern Indiana says businesses can soon apply for a no-interest loan through the New Albany Central Business District Loan Program for funds that can be used to help cover overhead and operational costs like payroll, rent, and utilities.
The loan fund is intended to assist the affected businesses in maintaining operations throughout the “lengthy but necessary” improvements. The program is being administered by 1si through its ONE Fund and, ultimately, aims to keep the businesses viable so long as they can benefit from the infrastructure upgrades.
1si says loan requests from $2,500 to $25,000 will be considered.
In order to qualify, the organization says businesses must operate out of a brick and mortar, in-person retail, restaurant or bar, or personal services establishment within the city’s Central Business District. Applicants will be asked to show a current lease agreement, building loan agreement or building ownership document.
1si CEO Wendy Dant Chesser says businesses are suffering a “‘double whammy'” from the projects, which has “dramatically curtailed customer traffic to many downtown businesses, affecting both their short-term revenue and long-term viability.”
“1si, together with our partners, launched the Community and Cultural Relief Fund in the spring of 2020 to provide emergency loans for small businesses impacted by the economic slowdown caused by the Covid-19 pandemic,” said Chesser. “Our hope is to replicate the success of that program for distressed downtown New Albany businesses adversely affected … Our hope is that the availability of these no-interest loans will sustain them until customer traffic can return to normal levels.”
Applications will be accepted January 30 through February 10.
Businesses can access requirements and loan terms by emailing Mike Fulkerson, 1si’s small business navigator, at MikeF@1si.org