The Kosciusko Economic Development Corp. is expanding its Small Business Relief Fund to offer more loan options for local small business owners. The organization says the fund helps with business recovery needs and job retention, and supports businesses as they journey forward post-pandemic.
The fund was established during the pandemic to support small businesses in Kosciusko County. The Indiana Office of Community and Rural Affairs recently awarded KEDCO $245,000 in additional funding to support business recovery efforts.
“One of the primary goals of the COVID Response program was to stabilize small businesses across Indiana,” said OCRA Executive Director Denny Spinner. “Providing funds for the KEDCO Revolving Loan Fund program will support existing recovery efforts that will impact vital businesses in Warsaw and Winona Lake. This exemplifies how State and Local agencies can collaborate to positively impact Hoosier lives as together we move down the Road to Recovery.”
The fund is comprised of designated dollars in KEDCO’s existing Revolving Loan Fund program, and dollars committed last spring by the county, the city of Warsaw and the town of Winona Lake Lake for businesses located in those municipalities.
With the recent funds received from OCRA, KEDCO says it is now offering three different loan options ranging from $5,000 to $25,000.
“Our team worked with local and state partners to build a relief fund specifically focused on businesses that have not been able to access other funding sources,” said KEDCO Chief Executive Officer Alan Tio. “We designed our program with flexibility to meet the needs of each specific business.”
KEDCO convenes a network of regional entrepreneur support organizations that can help with all facets of business planning and Entrepreneurship Partner Rhonda Ladig provides loan recipients with business coaching and connections to these support organizations.