City of Madison Receives Grant for Small Business COVID-19 Relief
Madison, IN— Today, the Indiana Office of Community and Rural Affairs (OCRA) awarded the City of Madison a $250,000 grant through its COVID-19 Response Program. The City will be matching the grant with approximately $50,000 of Economic Development funds. Local businesses within the City of Madison corporate limits, struggling from the COVID-19 crisis, are eligible to apply for a grant of $5,000–$10,000 to retain low-to-moderate-income (LMI) jobs. Businesses can utilize this grant for working capital, rent, payroll, and other activities that facilitate the creation or retention of LMI jobs.
Qualifying businesses, with 20 or fewer employees, must demonstrate that at least 51% of employees are LMI. Other key deciding factors are the ability to demonstrate need based on the direct correlation of business disruption due to COVID-19 and LMI job retention and creation that will be possible with the requested funding.
The Grant Review Committee will be comprised of the current Revolving Loan Committee, who have extensive experience with small business financial planning. They will be tasked with ensuring applicants meet all eligibility requirements of the program. The program is anticipated to be operational by October 15th, 2020
"I am grateful for the support of Governor Eric Holcomb, Lt. Governor Susan Crouch, and the team at OCRA for their support. In combination with funding from the City of Madison, this grant will contribute $300,000 toward the Mobilize Madison, Bringing Business Back to Business initiative at a time when it is most needed," said Mayor Bob Courtney.
For a complete list of program guidelines and specific requirements, please contact Economic Development Director Matt Wirth at email@example.com.