Kokomo Announces New Business Assistance Program Funding

Press Release

The City of Kokomo today approved more than $10,000 in grants and forgivable loans, under the city’s Reach Higher Business Assistance Program.

Reach Higher is an innovative initiative, designed to help Kokomo’s small businesses through the current economic recession. The program is a direct result of discussions between local business owners and the City of Kokomo Department of Development, and is funded through the local Economic Development Income Tax.

The Reach Higher initiative consists of five business-assistance sub-programs, ranging from zero-interest working capital loans to forgivable marketing loans to funds for green energy and downtown façade work. Businesses can apply for whichever program fits their needs, or can apply for more than one.

There is also a grant program which will fund programs aimed at increasing workforce development or educational attainment in the Kokomo community. Any Kokomo business or non-profit entity that has been in existence for at least one year is eligible to apply.

Grants and forgivable loans approved today include:

-Forgivable Marketing Loan in the amount of $1,412 to Russell Design, to launch a new Web site and further market the program.

-Forgivable Downtown Facade Loan in the amount of $4,420 to Ryanew Billiards, to replace windows and replace signing with new awnings.

-One Step Up Grant in the amount of $5,000 to Coordinated Assistance Ministries, to provide training and materials to unemployed workers.

All programs require a 1:1 private match, except the green energy program, which requires a 2:1 private match. Interested businesses should call the Department of Development at 456-7375, or e-mail reachhigher@cityofkokomo.org.

Source: