Small businesses in the city of Kokomo will be able to take advantage of a new forgivable loan program to help get through the economic uncertainty of the pandemic.
The city says the $1 million Kokomo StrongER program to help businesses that lose revenue due to COVID-19-related emergency ordinances.
Businesses, with fewer than 20 employees, will be eligible for up to $5,000 in direct assistance to sustain operating costs.
“Small businesses are the essential fabric of our community, and we recognize how vital they will be to the continued success of our local economy,” said Kokomo Mayor Tyler Moore. “Most businesses simply do not have enough cash flow to withstand keeping their doors closed for several weeks.”
Eligibility requirements for the emergency relief include:
- Business must be physically located within the City of Kokomo’s corporate limits
- Business must prove that it was significantly impacted by the Emergency Ordinances
- Business must have 20 or fewer employees
- Business must have been operating for six months or more
- Business may not be part of a national chain
“The city’s goal for this program is to immediately help our small, local businesses that were most impacted by the need to close or to curtail their business in response to the coronavirus outbreak,” said Moore.
The city says applications will be reviewed on a first come, first served basis.
Click here to view the Kokomo StrongER program.