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Many locally-owned and operated businesses have faced significant financial challenges as a result of the mandatory shut downs and travel restrictions implemented by the Madison County Department of Health and the Governor.
After visiting with business owners over the past several months and learning about their challenges, Mayor Tom Broderick, Jr. announced that $164,223 is being allocated from Anderson’s CARES Act funding to assist them.
This emergency fund is dedicated to reducing barriers to capital and to sustain operations for locally owned Anderson businesses that have been affected by the coronavirus/COVID-19.
Eligible businesses will be provided a forgivable loan of up to $10,000.00.
Eligible businesses are being defined as in the downtown area, businesses located in low to moderate income areas or those that serve low to moderate income neighborhoods and households.
Businesses Opportunity Zones CT 119, CT5 and CT 17 as well as businesses denied both the SBA Economic injury Disaster Loan (EIDL) and the Payroll Protection Program Loan (PPP) may also be eligible.
Microenterprises – 5 employees or less (including owners of the business); or
Small Businesses – businesses with up to 25 (twenty-five) full time equivalent (FTE) employees or less (including the owner of the business) that have not received the SBA EIDL funding prior to their application.
“These funds will help provide a much needed financial boost to local businesses who are still struggling to pay employees and keep their doors open,” said Mayor Tom Broderick. “Over the last several weeks, I have talked directly with many of them and I understand their plight. I want to make sure we are doing everything we can to help them.”
Businesses that received SBA PPP loans that can demonstrate 75% use toward payroll and need supplementary funding are encouraged to apply. The maximum award per business is $10,000.
For more information, interested businesses should contact Lelia Kelley at (765) 648-6098 or email at email@example.com.