Nine New Albany businesses approved for relief loans
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Economic development officials from One Southern Indiana say nine small New Albany businesses have been approved for relief loans from 1si’s ONE Fund. The businesses are in the city’s central business district and have been negatively impacted by two major construction projects.
Isi describes ONE fund as a “lender of last resort” to help support small businesses as they work toward stability. It created the New Albany Central Business District Loan Program to help businesses that have seen customer traffic diminish as a result of the Sherman Minton Bridge Renewal Project and the Main Street Revitalization project.
“Situations like this one are perfectly suited to The ONE Fund, which exists to assist businesses who may not easily fit into standard lending guidelines or circumstances,” said Wendy Dant Chesser, president and CEO of One Southern Indiana.
Eligible businesses must be physically located within the Central Business District of New Albany and have 50 or fewer employees.
The 36-month, zero-interest loans must be used for overhead and operational expenses such as payroll, rent and utilities
Dant Chesser says the city of New Albany, Floyd County Government and Caesars Foundation of Floyd County are supporting the loan program by earmarking their One Fund contributions to the central business district loan program.
“We’re pleased to be a partner in this program that offers interest-free, short-term loans to help provide relief from the impact of construction,” said New Albany At-Large City Councilmember Jason Applegate. “Projects like the revitalization of Main Street and the Sherman Minton Bridge will greatly enhance our central business district in the long run, but we recognize the effect that these projects are having on the businesses who are the heartbeat of downtown.”
1sti says to date, nine businesses have been approved for financing through the program, including Alex and Kate Boutique, Dress & Dwell, New Albany Sugar Shoppe, Primos Detail Plus, Regalo, Royal Couture Treats Boutique and three other businesses. Eight of the loans have closed, with one still pending.