Businesses in Marion County are getting some more financial help during the pandemic.
In an emergency meeting Friday morning, the City-County Council unanimously approved $25 million to help small businesses.
The approved money will go to the IndyChamber Rapid Response Fund, which will support the Paycheck Protection Program for small businesses in Marion County.
The Indy Chamber of Commerce has closed on 89 loans with 43 more looking to be approved.
Loan money could go out as soon as Monday.
After the council passed the measure, Indianapolis Mayor Joe Hogsett released the following statement:
“I want to thank President Vop Osili for his leadership and the City-County Council for their unanimous support of this partnership with the Indy Chamber.
This unique program is testament to the innovation and bipartisanship that has always helped Indianapolis tackle big challenges, and I am confident it will help position our small businesses to take full advantage of new federal assistance. I’m particularly proud that in addition to providing paycheck stability for thousands of local employees, the Indy Chamber will also continue to facilitate programming specifically designed for those hardest hit by the pandemic, including minority and women-owned businesses.
I also want to be clear that while today’s action is a step forward, there’s much more to do. While we can take comfort in the fact that our public health strategy is saving lives, we will continue to work with state and federal leadership to bring desperately needed resources to Indianapolis to assist our small businesses and their employees.”